[creggur]

While I don't believe the govt. should subsidize those who were silly enough to get a half million dollar mortgage with no income, there should be some recourse against those predatory companies that preyed on the uneducated...

When my wife and I bought our first house we were in our early 20's. While the decision was ultimately ours, we were told we could afford way more house than we should have been buying. Fortunately for us it was a fixed mortgage, and although the first couple of years were very, very, tough, we made it through. If you've never owned a home before you don't realize all of the little expenses that come along with it that add up pretty quick. We learned our lesson, but if we had been in an adjustable rate that shot up on us we would have been in trouble pretty quick.

Unfortunately, or maybe it is a good thing, a lot of the loan companies that were using these predatory practices by selling people a bill of goods, that only wanted to own their own home, are now headed out of business. It is leaving a lot of people suffering under foreclosure, and losing their "American dream" of home ownership. I guess I empathize with them a little bit because I know how it feels to be sold something that isn't everything it seems to be.....I dunno....Kind of torn on this one...