Ron P - I couldn't agree more with your assessment of the economic situation. I have been amazed at the loans that banks etc have given out to people who clearly can't afford them. When I bought my house, I got something in my price range and couldn't imagine doing anything but a fixed rate traditional mortgage and when some of the other forms of mortgages were proposed and I questioned why anyone would want them with the problems they could cause down the road, the loan officer just smiled and said, "Some people don't think about that" or something like that.
I don't have any sympathy for the banks that made these stupid loans to satisfy their own greed or, and I don't mean to be cold or offend anyone, but I don't have a lot of sympathy for someone making $45,000 who thinks they can buy a $300,000 house. Hello. Those numbers don't add up and they never did.