HLS: This entire housing boom was predicated on the buyer’s inability to do even basic math.

Who in their right mind would buy into a 100% LTV 2/28 loan for a home that was substantially overvalued by any meaningful economic set of standards?

I hear your argument, but it is flawed in one significant way: It contains logic.

Add in the emotional component to home ownership and you have people like this; people who will hold on till the bitter end, and will believe any piece of good news the MSM or NAR or MBA feeds them. But, at some point, it all comes apart. And that is when things are gonna get real ugly.