PornMD

The big problem is not just that house values have come down and people being irresponsible, but that the economy as a whole is in the shithole and has fucked a lot of people, both responsible and irresponsible. So instead of people in mortgage jeopardy consisting only of idiots who did in fact buy a house they couldn't afford on their wage or people that got duped into ARM loans that have since exploded such that they can't afford the payments, it also consists of people that did purchase a home responsibly, maybe even got a great fixed rate loan well within their budget, but the economy fucked them in the ass since purchasing the home and NOW they can't afford it. Figure anyone that put a down payment on a house purchased in the last 2-3 years, expecting to be able to take it out if necessary down the line, have completely lost that money and probably owe 10-20% more on their home than it's worth - at least. Anyone with stocks saw that go down anywhere from 20% down to 50-60% down or even more if they held particularly rough stocks. Anyone expecting that annual raise at their job probably is no longer getting it and may have even been asked to cut their pay to help the company survive. Anyone expecting the continuing expansion of their small business probably saw their business go backwards or possibly even fold. Anyone in business for themselves in any of the vast majority of industries that got reamed probably saw their income plummet. Those people don't have to be idiots buying every gadget in existence, houses they can't afford, luxury cars, going out to eat every night, etc. - could be the smartest spenders in the world and still get screwed by this economy.

That said, I'm one of those people and I'm doing everything I possibly can NOT to take any govt assistance because I think it WOULD be bullshit, and my home loan is even WITH the govt - California's first time homebuyer program...if anyone could get assistance easily it's probably me, but fuck that - unless I'm absolutely to the point where it's either that or declare bankruptcy or something, but even then I would have to convince myself into it. Some people are lucky - people doing all the theoretically wrong things, making all the theoretically wrong decisions may have lost a lot less money than people that made the theoretically right decisions. My sis got an ARM interest only loan on her house w/ no money down - if we both walked from our mortgages today, she'll have paid probably $80k less than I have with my fixed loan and 20% down. And someone renting will have paid even less - hardly seems fair when having been told my whole life that real estate is the best investment one can make. I guess welcome to this millennium - can't wait to raise children and have to come up with financial wisdom to impart to them...that'll be fun. "Just make 10 million dollars somehow or marry someone rich so you don't have to fucking worry about money."

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