As much as I hate to admit it, JoesTypeS is right. The government is going to have to bail these people out. If it was just the stupid people who bought these houses that would suffer I say kick them out and let them learn a lesson about finance. Unfortunately though it’s the whole economy that will suffer, so chalk another one up to the successful and intelligent having to bail out the idiots again, with the idiots learning absolutely nothing.
They better slap some serious restrictions on the banking industry to make sure they are never again allowed to give out loans like this.