Everyone I know in the Washington DC suburbs who bought a home in the early 2000s did so to try and take advantage of the housing boom. They all upgraded homes with profits from the sale of their existing homes and used unusual financing schemes to afford homes near the 1 million dollar range. Although most of them are not at risk of foreclosure they are sitting on homes no longer worth anywhere near what they paid for them. They took a risk with their money and now they have to pay the price. It is an outrage that taxpayers who were more responsible with their money should now be asked to pay for the risks taken by people trying to make an easy buck.
Yup, I couldn’t agree more.