Interesting. It would seem that the person that can't make the mortgage payment would be the one to blame. But in your reality, the President is to blame. So why pay for anything? If a person makes 32K a year, why would he buy a house that costs 16K a year for 30 years? Did Bush make him lie on his application? It seems to me, that a person should take responsibility for his own actions.
Amen. These people decidied on their own to suck all their equity out. They took low adjustable rate loans because they were sure they could refinance, in two years, with a new supply of equity. They never considered the fact that values might not go up 10% every year. The banks made products available, but the consumer is the one that defaulted. What do the ones that have made their payments on time get?