DAD08

Can the Banking System Handle Huge New Write-Downs?

Did you ever think that maybe the homeowner is also responsible? What kink of person buying a home would not take into consideration their own ability to pay their mortgage? It is just as much the homeowners fault as it is the lender. People assumed their house would appreicate- if they could not make payments- they sell for a profit. Foolish. What ever happended to the standard conventional 30 year fixed with at least 10% down? I blame the homeowner just as much, if not more than the lender. People wanted to be in a house they knew they could not affort- and now they have to face the ramifications of their own foolishness. Hey- I'd love a bailout too...I have a 30 year fixed $400,000 loan at 6.75% - put down 20 % to avoid PMI..I could have bought a house twice as big...but that would have been wreckless and foolish. Will they take my rates down? I am not banking on it!