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60 minutes ad an interesting piece on the forclosure issue last night. Very interesting to learn that many of those homes, no % given, were because people CHOSE to default. They explained by saying that the value of their home had decreased so much that it made no sense to make such a large payment on a home the would never sell for as much as they paid for in the first place. They were "advised" to default on the loan. I was amazed at that.
Yes there are many who cannot afford to make the higher payments and they are losing their homes because of it, but it isn't every one.
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"like strapping a pillow on a bull in a china shop" Bullitt
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