Good lively postings…. of course I am right and you guys are all poo poo heads!

Seriously though, I am not by any means challenging the legality of the contracts nor that they do lie at the hands of the lender.

If I may be more constructive then… if we look forward rather then backwards, how then can we implement some sort of reform such that it will then reduce rampant speculation, as well as further obligate those who undertake the risk of buying a home so that we can

a) reduce fraud, speculation, and other ugly artifacts of what we have seen occur in this runup
b) much more important in my book, further delineate home ownership from asset investment

My belief is not that eradicating non recourse will solve the problem and my apologies for not conveying it properly. However I feel that it would be a helpful step. No doubt adding curbs, regulation to the lending and institutional side of the equation will be most helpful.

SD Realtor

I do still hold my ground that more responsibility should be bourne by the buyer but I am just being a stubborn cuss and adding this in to get the last word