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Time magazine reports on the rise of jingle mail:

Homeowners of a new and unattractive breed are plaguing the Federal Housing Administration these days. Known as “the walkaways,” they are people who find themselves unable to meet their mortgage payments — and to solve the problem simply move out their belongings at night, drop their house key in the mailbox and disappear.

….The rate of mortgage foreclosures has tripled during the past ten years, to an estimated 3.77 per 1,000 mortgages. Most housing economists agree that the leveling off of home prices in many parts of the U.S. accounts for most of the increase. As long as home prices were rising, a homeowner who could not meet his payments could always sell out — usually at a profit. Now, with prices steady, an overextended homeowner must either sell at a loss or face foreclosure.

….Confides a leading West Coast banker: “Again and again I have to tell my branch managers that I would rather have a soundly conceived mortgage at 5¾% than one at 6¼% which goes bad.” Unless the branch managers take this advice to heart, today’s overambitious mortgages will create tomorrow’s walkaways.

That’s from 1962.  Good times.  (Via Felix Salmon via Mark Gimein.)

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IT'S NOT THAT WE'RE SCREWED WITHOUT TRUMP:

"It's that we're screwed with or without him if we can't show the public that what we do matters for the long term," writes Mother Jones CEO Monika Bauerlein as she kicks off our drive to raise $350,000 in donations from readers by July 17.

This is a big one for us. So, as we ask you to consider supporting our team's journalism, we thought we'd slow down and check in about where Mother Jones is and where we're going after the chaotic last several years. This comparatively slow moment is also an urgent one for Mother Jones: You can read more in "Slow News Is Good News," and if you're able to, please support our team's hard-hitting journalism and help us reach our big $350,000 goal with a donation today.

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