[quote=eavesdropper]
Aside from clear-cut cases of predatory lending, most people should have known that they couldn’t afford an $850,000 house on a $70,000 household income. [/quote]
While the blame for all this can be spread all over the place (mostly greed on everyone’s part) I have to say that it boils down to basic math for people buying a house. There just is no excuse. Everyone knows basic math and either you have the money or you don’t. Most people just ignored it, thinking prices would keep going up and they can flip. For those who bought and ran the numbers and made sense, but lost their jobs, that’s a genuine reason for not paying.
As for your stepdaughter, at least she has her whole life ahead of her. Maybe she can recover from it. It must be frustrating to share your knowledge and to be ignored and come back w/the irrational exuberance of how much will it rise in a couple of years. Sometimes people have to fall down and experience it on their own. Very hard to stand by and let that happen. Natural instinct is to help. Just don’t hurt yourself in the process. Continually helping puts you in the enabler position.
