All I can add is...................
I bought my first house in 1983 and the one I'm living in, in 2000. I had average credit and was middle class. Both times, the loan application process took over 10 days. Employers, references, credit history was checked thoroughly. I was required to put down 10% and they actually did several interviews to insure I could pay back the loan. I work with numerous people who live in homes worth 4 times mine. Their payments are 4 times mine and they are all in trouble. Who's fault is that?
I've been transferring all my VHS tapes to DVD the past several months. I've got many major network recordings from the last 10 years and the ones from 2000 - 2005 have tons of mortgage commercials. Many offer equity loans for 200% of your homes value, no money down, no closing costs, ect..................
I remember being tempted several times to take out a second mortgage. Many of my friends did, and easily. Luckily I did not and am sitting better now than most..........even if I actually have less. I've made sacrifices and lived without many times to keep up with all my payments, which I have done. Now, my tax money is going to bale out many who made the choice to live beyong their means. I've said this before...............When did we, as a society, become so irresponsible where their is no honor in paying your debts. My grandparents would be in shock to witness the greed and lies that have consumed so many. It is not what they taught me and my parents..............................-charley