[Waterbaby]

Originally Posted by jetskier

I think that there are a number of uninformed buyers who don't know what they are doing in this world. But, IMHO it is the fault of the banks and regulators in allowing investment vehicles that target unqualified borrowers. Years ago, when we bought our house, there were strict income requirements, debt caps and limits on mortgage affordability. This was done as a basic requirement to sell the loans to Freddie Mac and Fanny Mae...not an issue these days; my cat can probably qualify for a mortgage.

Jetskier

Same here, people used to practically have to jump through hoops to get a mortgage. I bought my house 20 years ago and it was that way, income requirements and ratios, etc. etc. etc. Then, of course, government deregulated the banking industry, and look what happened. Greed set in, the bigwigs are getting their million-dollar parachutes and the rest of us get the parachutes full of rips.