oskar576 wrote:
I see.
So the chap who bought "more house than he could afford" when his house was over-appraised by the banksters who then deliberately devalued his house via their fraudulent derivatives and then demanded the difference between the two or get foreclosed needs to "suck it up"?
Yup! He didn't buy an evaluation. He didn't buy a devaluation. He borrowed money that he didn't have the income to pay back and he knew it. He and the bank both fell into the ponzi scheme thinking that, by the time he got to the point where the grits and the pan met the house would have appreciated enough that he'd be able to get out of it. It didn't work that way and he's as much to blame as the bank is.
When I bought my house I was actually approved for a mortgage two or three times as high as I actually borrowed. What I looked at when I took the loan wasn't how much I could spend but, rather, how much I felt I could comfortably pay because those payments were going to be my responsibility. If the value of the house went up great. If it went down, to bad, so sad. But, either way, my responsibility was to pay the mortgage.