As the first home foreclosure stories started to come in, I was definately sympathetic, as, like many, I'm payin for my home with a loan. THEN, I started to really listen to the details. Most, if not all, of the stories went something like this...
I bought a house for 100k. In two years, it was worth 150K, so I got a home equity loan for 50K. Just a little while later, the market really boomed, and the bank gave me another home equity loan for another 100k. "All of a sudden, POW!, the market sank, the bank wants all the money back that I blew, Boo Hoooooooo, poor little me, it's so unfair." Dumb bunnies, the bank gambles and the owner gambles but the house of cards just came tumbling down.
Although I haven't seen one yet, I do feel sorry for the regular family who just wants to own a family home and gets caught in this mess. But I have no sympathy for the high rollers who were just in the "real estate gambling game", and who now I will have to bail out with my taxes. Rant over.
