Agreed with Perry, Bugs, Kev and in a more tactful lingo, kicksavedave.
I have no sympathy for the people who signed on the dotted line. They could have asked the realtor to be with them and analyze the loan for them. They could have asked an attorney to look at the loan docs. The could have NOT signed them if they doubted in any way shape or form that they couldn’t or wouldn’t be able to make the payments.
Furthermore, for the boneheads that refinanced themselves into a mess I have even less sympathy for as they had a 3 day right of recision and could have pulled out AFTER signing loan docs.
As Perry said, if everyone keeps the hands out of the mess, the market will cleanse itself.
Finally, no excuses about the press. If people are dumb enough to listen to the press all the time without examining how a financial decision will affect their well being then that is their own problem.
