ya so more tax payer $ can go to stupid people.. great idea.

Bankruptcy people. You can get a new car after bankruptcy the day after it is dismissed you want to know why because it is like you have no credit obligations I had to file last year because I used credit card money to finance the stock market boom in 1999. This was a disaster I lost all of my money .i see the housing market the same way it like they say people are like herds of cattle. Buy because you can be rich. I only had 30000 dollars in debt I stopped paying my cc bills in 2000. five years after a collection agent came after me even after I sent them a cease and deist letter I got a letter to go down to the Chula vista sheriff department. I was debating about going into bankruptcy ,after hearing the laws were going to change and a court hearing by the collection agent to have my wages garnished. I said the hell with this file. Oh even though I owed all that money in 2004 .I was allowed to have credit again I had about 4000 worth of debit in cc bill’s then I researched bankruptcy and found out all my cc debit can be erased.. I felt bad about the newer cc I had. but I had said to my self they can write it off. Any way rent before you file so your credit doesn’t look to bad. I see a prospective land lord having a renter that has filed bankruptcy and that has a stabile job like working for the govt or state. Cause you can’t file again for a seven years.  Bottom line bankrupsy is not as bad as you think. Even though I haven’t checked out the new laws its better than somebody garnishing your wages.

Powayseller you have good posts ( a little long though) but very very  good!!!

The best response I’ve heard from someone when asking them this question was.. people are like rats, theyll find a way…

The goverment will probably throw some twist in IRA and tax sheltered savings to say that bankrupt people can use their savings to buy a house without penalty.. (Get it? It’s a joke..)

The US trains its sheep well.. from elementary school on, kids are told about the american dream… ”owning a house”.. so eventually in 10 years or so they’ll have enough fresh meat to do a shakedown of the middle class again..

This is some list!!!
http://www.amazon.com/gp/richpub/listmania/fullview/1BJTXO2QSI82T/104-9010536-4773519?%5Fencoding=UTF8

My dear, late Grannie from Seagoville, Texas was a simple woman, born of the depression, lived in a railroad car at one time and didn’t have much education. But she had more words of wisdom than most folks these days. She often told me “Judy, you can’t save people from their own stupidity.” I wish the government would learn that simple phrase, we would all be better off if we took responsibility for our own bad decisions.

You are saying that they will be bankrupt because their ARMs will readjust and they cant afford the payment correct? If they are bankrupt depends on when they bought the home. If recently as in last summer, yes they have little equity and cant sell. If they bought lets say 3 years ago, they can sell and payoff the loan and debt and prob still have some cash for moving and the 1 month deposit to rent. So it depends on what the persons specific situation is really. Not every ARM holder is screwed if they run into tough times.