What I don't understand about this article is...

...why is anyone surprised that people are defaulting on loans now, when they couldn't afford the mortgage in the first place?

I blame the lenders, who didn't even see if a person had the capability to repay their loan before giving them the money. I also blame the people getting the loans in order to buy houses that they can't afford. I don't know what people think, that they can get large amounts of money to buy a ginormous estate, and then they aren't responsible to pay it back? Or did they over-estimate their earnings? Or did they over-estimate the appreciation of their "asset".

I put "asset", because a house is not an asset, because it earns you nothing. It may appreciate in value, and you may sell it for more than you bought it. But you still have to live somewhere, and the market is also appreciating along with your "asset". However, your house/mortgage is an asset to the institution that lent you the money to buy the house, since you pay it back along with interest.

I think almost all people try to buy things they can't afford, because they don't have the patience to buy a true asset that will make them be able to afford the things they want. They want it RIGHT NOW NOW NOW!!!!!!11111

Well, I'm not surprised by the market conditions. I feel sorry for those people who are gonna be foreclosed against, but that is the consequence of their actions.

I think everyone needs a real financial education, and don't just rely on someone who doesn't have your best interests at heart. Take responsibility for yourself...because no one else is gonna do it.

By the way, Val and I are gonna become educated in these things very soon. I challenge you to do the same.