A lot did use their homes as ATMs, and when their foreclosures destroyed property values for those around them who lived frugally, there was no respite for them.
I’ve seen so many people driving BMW’s on a Chevy salary it made me sick. Living in six bedroom homes when they only had one kid and struggling to make the mortgage payment every month. Buying Christmas gifts every year as if they had just gotten a cash raise. I couldn’t dig up the courage to tell them what lay ahead because I would be considered an old fuddy duddy. It was as plain as daylight.