Amen fellow Freeper!
The wife and I owned two small houses (relocation) and saved funds/built equity for the “big one” which we built about 2 1/2 yrs ago (bought our first house in ‘98). Not worried about losing it yet but we spent alot of time figuring out how people we knew who made less $$ than we did and lacked any sort of fiscal responsibility purchased houses we were dreaming about at the time. Now we know how that happened. I would really like to give those folks a swift kick in the backside cuz I have lost $50k of equity since purchasing the house in ‘06 thru no fault of my own. I’m guessing you have sentiments that are similar to mine....
One thing that really chaps my hide is when you hear friends and family feeling sorry for folks who purchased a house they had no business buying and then end up losing it. My dad (God rest his soul) drilled into me that once you sign your name to a contract that you are committed and should know what you are signing. These folks who got these exotic mortgages were living in a fantasy world like the liberals do. And they, like the liberals, are leaving the responsible folks to deal with their mess and pick up the tab.
Does that go for the lenders and bankers that also signed off on the contract, knowing full well many could not afford the loan?
The lenders and bankers lost all sight of lending standards and ethics...all for a loan commission.
Thousands of those in these lending institutions are now without jobs, or companies...
What comes around....
A-friggin-men to that.