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Someone Has to Pay
The bursting of the housing bubble has created huge losses in wealth.  Many are now upside down on their home and feel trapped without any good solutions. 
A popular line in one of my kid's favorite movies, National Treasure, is "Someone has to go to jail".
When asset bubbles are burst, "Someone has to pay".  It's even more of a cold, hard reality because there is no one who can simply sign a pardon and get rid of all the losses. The losses are real and aren't going away by executive order.
The big question is, who pays?
In the free market usually the parties who freely entered into a contract with each other assume all of the risks along with all of the rewards.  People take out mortgages to buy homes, many with the hopes that they will be able to eventually sell for a higher price and make a nice profit.  What a great deal.  Instead of throwing their money away in rent payments, they become owners and make mortgage payments instead.  If they get 100% financing, it looks like a complete no-brainer decision.  Just by living in a home, one can become wealthy.  Many people did. Many people envied the home ... more

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