mortgage & foreclosures?

[specail ed]

Am I the only person who has put together that the current mortgage & foreclosures crisis that our WHOLE nation is seeing is the fault of the current administration bankruptcy reform?
Bankruptcy reform changed a year and a half ago. The main change is unless you are low income you can't file bankruptcy chapter 7. That is the one that removes your debt. Even in the old days you could not claim bankruptcy on a mortage. And let me help you dimwits who think only lossers claim bankruptcy. The number one reason a person in the past claimed bankruptcy is because of health problems. Not beacuse they did not want to pay.

[A blank!]

People should consider bankruptcy as a standard option.

[Flying High]

No!! It's these idiot bankers trying to tell people that the Neg Am Mortgage product they got is a really good decision and not explainging the consequences or the lows of the product. If people were more educated they would have understood that it's a horrible product to be in. Plus the collateral market all over the US has declined and now people are struggling because the house is not worth as much as it did 2 years ago.

[monkey]

This has to do with a change in law. Previously it was against the law to buy a house with no money down and that law was repealed. Secondly it has to do with greedy morgage lenders and lendees who have now falsely inflated the housing market. Do a little research...Do you have a habit of blaming all of your problems on others?