I was watching 60 minutes tonight mainly (okay only for) the story on the mortgage meltdown. Honestly I was a bit appalled at the things people were saying. Let me preface this by saying that I do have sympathy for people losing their houses, especially those doing everything they can to live up to the commitment I believe they made when they bought a house. But honestly some of the people in the segment just acted like it was no big deal to walk away from that (even when they can make the payments but are upside down). And that they didn't understand what they were getting into, I am sorry but I read EVERY WORD of my loan agreement to buy my car and that was < $17,000 you won't do that for $400,000? I sure as hell would!
As much as I am glad that I was able to see this coming and that Mike and I stayed out of it, I can't believe that everyone didn't. When we moved here and everyone said "buy now or get priced out forever" and my first thought was "that makes no sense, a dual income no kids pair of engineers can't buy a house? who can?" What reaction did everyone else have? Sign me up?
I guess I am just sad because we have to wait longer than I want to buy a house and we are going to have to struggle through a recession with everyone else because of all of this.