Okay, let's just say it. No one is innocent. The subprime meltdown was inevitable. Those of us who lived through the Savings and Loan debacle knew it and we were telling everyone we could, but no one cared.
Bottom line: Did you cash a paycheck resulting from involvement in a transaction that had a subprime loan attached to it? Yes?
GUILTY! Now, get over it.
We're supposed to be smart people. Why then aren't we coming up with some solutions to this problem of a failed housing market? Owner financing. Trading houses. Investor pools. Most of us are sitting around waiting for our Nobel Peace Prize Winning President to come up with something (well, something BETTER than his original plan) and it's just not going to happen. Come on, people, dig deep, this is a defining moment in our careers and lives!
I'm personally going to coach people, using their attorney, of course, to get their personal ordeal behind them AS QUICKLY AS IS HUMANLY POSSIBLE whether that means foreclosure, BK, whatever their ATTORNEY tells them to do but to do it and quit worrying about it. Get on with life.
Sometimes, unfortunately, there is a time to say, "NO MAS" (no more) and move on.