Bloomberg, October 8, 2009 by Bill Rochelle
http://www.bloomberg.com/apps/news?pid=conewsstory&tkr=MER:US&sid=aQZ6DBooLQAA
Katherine M. Porter said that … “bankruptcy is not effective for people whose mortgage payments are now higher than their incomes.” Porter, who’s a visiting professor this year at the University of California, Berkeley, added that bankruptcy isn’t useful for “outright poverty or income shortage.”