[God luvs America]

Today, they struggle under nearly $1 million in debt that they will never be able to repay on the 3,292-square-foot, six-bedroom, red-brick Colonial they bought for $617,055 in 2005. The Boatengs have not made a mortgage payment in 2,322 days — more than six years — according to their most recent mortgage statement. Their plight illustrates how some of the people swallowed up by the easy credit era of the previous decade have yet to reemerge years later.

how many Freepers live in a 6 bedroom home close to a metropolis?

 

When they moved into the house in November 2005, Kofi was earning $82,740 as an IT consultant for a government contractor, and Comfort, then 43, was making $30,000 as an administrative assistant. But in the overheated mortgage market of the time, they said everyone told them that they could buy a $600,000 house.

Yup- its everyone else's fault....

[Night Hides Not]

The FDIC has been kept busy for the past six years, dealing with thousands of similar loans. Each of the 500 banks that failed had multiple reasons for failing, and it was usually the myopic greed of management.