Learning To Walk: Fear, Shame And Your Underwater Mortgage

People lost their jobs.  

When they purchased their homes they could afford them.  

People did what has been real estate investment practice for the past 40 years in the US: Buy the most house you can get a loan for, even if there's a balloon payment due within 2-5 years.  Your equity will increase, the value will have appreciate­d, you can refinance it to pay off the balloon, your investment is sound.

The real problem that has been plaguing us is the pyramid scam of over-devel­opment of our resources.  "Growing the economy" (more people).  The answer isn't "more people"; it's conservati­on of our resources, developing the talent and expertise of the people who are already here.  It's not automation­, doing away with the need for people's labor, but better quality merchandis­e that lasts longer.

It's begun again, over-build­ing, and NONE of the legislatio­n passed in the past two years has addressed what caused the meltdown.  None of it.
About Housing Crisis
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