Next wave of mortgage foreclosures could stall recovery

nytimes.com

3 pointsRyanMcGreal2 comments

I am sick of these articles and their sappy homeowners. You gambled and lost, plain and simple. You risked your future and your families. You do not get to pull your chips off the table when your number does not come up.

Default on your house already. Push the housing market lower. I sold my house 4 years ago and am ready to pick up yours at a realistic, but all be it "lower" price.

I happened to play the game correctly. Yet somehow you feel I should pay for your mistakes with higher taxes and bailouts - thanks jackass.

"I understand I took a risk," Mr. Janis said. "But I did not anticipate that the real estate market would go down 30 percent."

Understanding a risk means that you should anticipate it having unexpected, and possibly unfavorable, returns. He obviously did not. I have much less sympathy for people with interest-only loans than I do for sub-prime borrowers. Sub-prime people were sold on a dream, these people were simply sold on greed.

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