I find it interesting that it is all of a sudden 'news' that when a large number of people are unemployed that a rise in foreclosures follows.
It stands to reason that if you borrowed money for a house and you lose your source of income you are likely to be foreclosed on. That doesn't make the lender immoral or evil. And it doesn't necessarily make the borrower unresponsible. And it certainly doesn't mean that taxpayers should be left holding the bill.
I would suggest that people use this as a learning to not take out loans to purchase things they can't afford and to manage their finances to manage these not-so-unlikely scenarios.
The welfare of humanity is always the alibi of tyrants
Last edited by donkhater; 02-15-2011 at 08:25 AM..