It’s not so different in many states in the US. The advantage here is that if you go “out-of-state” to escape your debts, you are likely to have pissed off to the other side of the world with a different legal system etc. Look at the frickin’ Lynngerbread man. The banks and the gardai and the law society can’t even get their fingers out of their holes to do something about him and that is for serious amounts of money. If he’d robbed that much from a bank, you can be sure Interpol would be passing his picture around.
So I think ruthless default will be accompanied by emigration.
And again, just a reminder to every one out there in NAMAland; don’t try this at home. You can’t just walk away in Ireland, or post the keys back and call it quits. Under Irish law, your unpaid mortgage debt stays with you no matter where you go, just like the financial equivalent of a nasty viral infection.
Actually a BL today told me that the gardai were so bogged down with the Lynn and Byrne cases that that is why the smaller fry like Breffni O’Brien have been left alone for the moment, still you have to wonder what the fook they are actually doing…
I’d imagine the US situation has got a lot to do with mortgages being non-recourse and bankruptcy being easy to achieve and get out of.