When you buy a home with a mortgage you can't afford...you really don't own the home. You are just renting it from the bank until you declare bankruptcy.
Bingo.
THEN, the blame isn't with those people in their mirror. The blame is with the nasty banks who repossess. The leftists then scream about the nasty big businesses.
People with "less than stellar credit" shouldn't be buying a house. They should be changing their behavior so their credit is good. That is, saving money for a decent down payment is a way to go.
Is this now considered rocket science?
They credit to anyone these days. I have a co-worker who has an outstanding 10k discover card bill from over 10 years ago and she is still able to get credit cards, cars and cash loans? However she does not own a home. When my husband and I applied for a mortgage 14 years ago we were only able to finance a home that was double our salary. It was very strict.