I heard on the radio today an interview with a couple in Arizona that was glad there was going to be government help to help them and others avoid foreclosure. They said they owed $200,000 more their house was worth! Well, there is a prime example of a house that should be foreclosed, and the bank and the people should have to pay the penalty for their excesses, not the government, and we taxpayers that honor our obligations and rein in our expenditures.
In order for that couple to have a loan so much higher than the value, let's assume they lost 40% of their home's value, and also assume they just recently bought the house with nothing down, to make the math easy. So they bought a one-half million dollar house probably. Seems like that is a lot more house than anyone would need; I'd hate to see what the monthly payments are. Surely the bank should shoulder part of the responsibility to allow consumers to take on such a horrendous debt load.
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