ping
Risky mortgages drove the prices of housing up by allowing people to qualify for houses they couldn't afford..now they will drive them down and everyone is going to suffer.
No money down..low starting interest..no allowance for taxes etc.
These were all bad practices that must come to an end.
10% down minimum..plus escrow accounts for taxes and no promotional rates or negative amortization. That would trim house prices and make them a lot more affordable and encourage saving for down payment.