What about the people that lost their jobs? If they still had their jobs, they could still be paying.
Regardless of what kind of loan they had.
You're right, I was wrong to simplify the problem like I did.
Many of these people took on monthly payments that were already more than they could handle, and were bound to lose their homes one way or another regardless...
I'm not completely blaming them, but all it would have taken was a little research and not blindly following the mortgage brokers...
Guess we've all learned from this.
"There's an old saying in Tennessee — I know it's in Texas, probably in Tennessee — that says, fool me once, shame on — [pauses] - shame on you. Fool me — You can't get fooled again."
-GWB