So basically, my house will be worth a quarter what it is today, and we’ll be forced to either ruin our finances or stay in what will certainly be a high-foreclosure ghetto for 15 years until we pay our loan right-side up in order to fix this problem.
Me and millions of others, that is. Boy I love getting raped due to the failures of others.
Many of those others have also been raped financially.
Yeah - I’m not happy with the loss of equity in my home either. Luckily I did two things during my last move: bought way below my means and put a boatload of cash down. I saw this mess coming.
I feel bad for everyone who gets the shaft in this deal. It’s going to be a lot of people. BUT...
Failure to properly address this problem could easily lead to a bigger breakdown in the banking system. That would be the real tragedy. There would be a lot more at stake then.