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Some claim that the economy is now being driven by individuals not paying their mortgage payments – while others don’t agree:.

“What a relief, Marge, not to have that huge mortgage payment hanging over our head anymore.”

“You can say that again, Harry. Let’s celebrate. Maybe take a nice vacation. Or buy a new car.”

“What if the bank forecloses on our house? We could be living on the street next year.”

“Exactly. Which is why we need a new car. Maybe something roomy like a Chevy Suburban.”

….Mark Zandi, chief economist at Moody’s Economy.com, told the Wall Street Journal this week that 5 million households aren’t making payments on their mortgages, giving them “as much as billion to spend.”

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