Maybe that's one reason so many Cobras are on the market now? Home Equity loans!
There is little choice but to bail out Fannie and Freddie and even that will only help, not cure, the problem of so many bad mortgages held by so many institutions. I don't know what the solution is but it's unlikely you can simply dump all those and write them off. THAT is fundamentally what the economic crisis is all about in the first place! The fear that that would happen, the debts are still there, somebody is going to eat it. Looks like the taxpayers are going to be a big part of the somebody.
Can we blame ourselves? Sure can, in large part. Who here hasn't thought about buying another house for an investment during the good times? Or financed something with a loan based on your equity? It's easy to shift the blame on those low life welfare types that bought houses. Personally I think thats the tip of the ice berg. We might want to start the search, by looking in the mirror!
