The action of mailing back the keys to the property in lieu of the mortgage payment has been referred to as “jingle mail.” Both borrowers in trouble or who do not want to overpay for their property as well as investment banks are increasingly turning to jingle mail to relieve themselves of expensive debt obligations.

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Financial companies have also been engaging in jingle mail, a form less public than homeowners but also more costly. The Federal Reserve is encouraging banks to use as collateral defaulted mortgage debt in return for loans, which is encouraging the entire banking system to unload these defaulted loans off of their books and keep up an appearance of financial health.

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When investment institutions send in nonperforming loans to the Fed in return for Treasury securities and loans, they are building up an edifice of financial fraud and sticking the rest of the country with their toxic housing debts. Large financial institutions sending in jingle mail and sticking the American people with the bill is a clear reflection on the criminality, corruption, and economic manipulation of corporations working with government.