And through no fault of their own, but rather as a direct result of the greedy and unscrupulous mortgage brokers and lenders who set the foreclosure extravaganza in motion by trading hyper-inflated junk.
Let me tell you a story...
In 2004, I purchased my home for $194,000. Over the course of the last six years, I've invested a lot of sweat and at least $50,000 toward improvements - completely rebuilt the gutted 1/5-mile gravel road, planted an enormous lawn, fruit trees, arbor vitae, 30+ rose bushes and hundreds of bulbs and assorted other plants, built an 8 x 12' greenhouse, three raised vegetable beds, an 8 x 12' Tuffshed, added a large deck on the front of the house and a roof and enclosure for the back deck, put in new carpet, new interior paint, new water heater, new kitchen sink/fixtures and Insinkerator, ran electrical lines to the outbuildings, new septic pump, completely rewired the garage, and on and on and on.
Two years ago, my home was assessed at $269,000 (before the roof/room was added to the back deck).
Today, the state assessor values my place at $187,000. Imagine its current "value" had I never invested a dime.
Now explain to me how I can possibly be faulted for the loss of value to my home. Please.
I'm all ears.
Pray tell, who do you suppose is going to buy it? All the unemployed people out there whose homes are being foreclosed upon?
And when millions of jobs disappear because the economy is in a pit... Then what?
I think it's clear you have no real understanding of how we've come to the point we have.