From my experience with friends and family during this time, the "nightmare" is largely due to people feeling "This is _my_ home!", when is really not - they were highly leveraged and it belongs to their debtors. They couldn't/wouldn't grasp the idea that borrowing so much money means they lose something if they don't/can't pay up.
I sympathise that losing a home must be terrible, but many people I knew marched right into interest only loans, second mortgages, because they wanted nicer place or stuff.
At least in my circles, warning/begging people not to borrow so much fell on deaf ears during this time. The article portrays this as the lenders issue, but it goes both ways.
I sympathise that losing a home must be terrible, but many people I knew marched right into interest only loans, second mortgages, because they wanted nicer place or stuff.
At least in my circles, warning/begging people not to borrow so much fell on deaf ears during this time. The article portrays this as the lenders issue, but it goes both ways.