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Not wanting to hijack the recent CNN foreclosure thread where discussions diverted to home equity loans that are dismissed when the home is foreclosed, since the collateral no longer exists.
Financial institutions set themselves up for failure not only by promoting subprime mortgages, but also by issuing credit cards indiscriminately.
Almost anyone can accumulate a sizeable CC debt, sometime exceeding 100K, and simply walks away from them. Sure, their credit rating will go down the drain, but those debts never have to be paid, and they don't even have to bother filing for bankruptcy.
Why do banks do this? They are well aware of the risks, yet ...
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