But the impact of the change is much larger. It makes some homeowners in foreclosure liable for the difference between their mortgage and what their lender can recoup from reselling the house. In the current housing market, the difference is generally more than $100,000 on the typical Valley foreclosure. 
Twist and I have made something like a career out of harassing the Arizona real estate industry and the Arizona Republic’s Catherine Reagor in particular, but I don’t see too much separation between us on this one. [Update 7/27: however, see comment #4 below — thanks again to Ms Reagor for breaking a story that was threatening to fall through the cracks]
Doom readers will know my opinion that American lawmakers shouldn’t touch recourse mortgages with a barge pole, but it looks like the Arizona Legislature wants to dive right in.
Guys, they tried this in Old Testament times. It didn’t work then, and it won’t work now.
———————–: "New law triggers fear for housing: It holds some owners liable for debt, even in foreclosure", by Catherine Reagor, Arizona Republic, July 26, 2009.