So, really...who was stupid? Who was a loser? Who failed? Uhm, the Congress that passed legislation requiring banks to loosen up on their mortgage qualifications, the bankers who convinced people that, say, 40% of your gross income is a reasonably affordable mortgage (I had brokers tell me that 15 years ago when we were shopping for our first home and making oh, 1/3 to 1/2 what we're making now), the people who never learned or never just plain bothered to *budget* their income and figure out for *themselves* how much mortgage they really *could* afford rather than taking the word of the broker, and again, the Congress that decided the best way to fix the debt mess was to write a $10e12 mortgage against our grandchildrens' economic future in a bad-money-after-good bandaid to try to hide the melanoma on the body economic for another election cycle.
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Uhm, the Congress that passed legislation requiring banks to loosen up on their mortgage qualifications, the bankers who convinced people that, say, 40% of your gross income is a reasonably affordable mortgage (I had brokers tell me that 15 years ago when we were shopping for our first home and making oh, 1/3 to 1/2 what we're making now), the people who never learned or never just plain bothered to *budget* their income and figure out for *themselves* how much mortgage they really *could* afford rather than taking the word of the broker, and again, the Congress that decided the best way to fix the debt mess was to write a $10e12 mortgage against our grandchildrens' economic future in a bad-money-after-good bandaid to try to hide the melanoma on the body economic for another election cycle.