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http://blownmortgage.com/2009/01/07/americans-unwilling-to-bail-each-other-out/ -
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But ... these folks are the minority, a very small minority in our society - maybe 2% of the consumer market..
What I have an issue with, is the hourly news reports about the guy living in his (3rd house) a $350,000 or his 850,000 3rd house and he won't be able to pay his mortgage payment when the payment adjusts in July.
Let's do this in a simple way, let's look at his (or her) credit history - it takes all of 5 minutes... that should clear up any sad stories in a hurry that CNN loves to publish.
The reality is simple ... 9 times out of 10, it's "NOT" the mortgage payment adjustment that will affect the budget, it's that $400 a month credit card bill they didn't have 30 months ago .. it's $600 a month lease car payment they didn't have 20 months ago .. and it's that $750 a month HELOC payment they didn't have 15 months ago....
Let's pull some credit history's on all of these so sad stories -- let's take a *close look* ..... I look at 400/500 credit reports a month, it's amazing how consumers (with a straight face) will blame their adjustable mortgage payment, when their debt ratio went up 40% in the last 30 months and the new payment isn't due for 6 months...
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