Home Loan Deficiency Judgments

Most discussions in the media of homeowners whose mortgage balances exceed the value of their homes proceed on the premise that an option available to those homeowners is to walk away from their mortgages. However, it appears to be the law in many states that a lender may obtain a deficiency judgment for the amount by which the loan value exceeds the amount realized upon foreclosure of the mortgage. Why would lenders not seek to obtain and enforce such deficiency judgments where there is at least some prospect of even partial recovery on them? It hasn't been traditional that borrowers can escape liability on unsecured debts. So why on these? And such judgments generally last a long time, so even the prospect that the borrower might some day come into some money should be enough to encourage lenders to pursue them.

Marginal Federal Income Tax Rates

I saw an article recently by a prominent national business journalist in which he referred to the top marginal federal income tax rate in the 1950's and 1960's of 90% as "now unthinkable." What about our political culture has changed that would cause him to say such a thing? Is it a credit or a shame that what was once the law might be now "unthinkable"? Why?