Mortgage Extortion and Extreme Chutzpah

See if you can watch this report by Jane Wells from CNBC that aired yesterday without cursing.

http://www.cnbc.com/id/15840232?video=1008119754

The piece is about a chiropractor who owns four homes, is behind and underwater on all of them, and is demanding that he be bailed out.  He insists that the only appropriate thing is for his lenders to refinance these properties at their current market value.  Otherwise, he says he's going to abandon all of them and hurt the economy.  In other words, he says he has a gun pointed directly at the economy's head and is going to pull it unless someone meets his demand.

Also note that he's unrepetant, that he's an investor trying to retain his investment ather than someone who is just trying to stay in his home, that he's intentionally leveraged to the hilt, and that he absolutely thinks he deserves the help.

Remember that he no longer deserves to be considered innocent because he's admitted everything.

Someone who is convicted of a crime like extortion would be taken off the streets so that he can't do it again.  That's what should be done here.  if refinancing the four homes at current market prices is the way to deal with this situation, the servicer should consider doing it, but not for this person.  The servicer should foreclose on the chiropractor and destroy his credit rating so that he can never buy another house again.