My wife & I both have a very well funded saving account, paid off both cars, zero debt and very stable jobs with decent income.
Can I afford an Interest Only loan? Definitely not!
These are greedy people making ignorant decisions. They deserve to pay for their own mistakes.
If people these(ie., professors and lawyers) can fuck it up so bad, imagine the SIZE of this problem. More foreclosures WILL come and price WILL come down even more.
