Sub-Prime Fallout

[classicman]

Originally Posted by aimeecc

A friend of mine defaulted. ...~snip~...The bank messed up. He was angry, but didn't have the time or energy to fight it.

Must be nice to be in that position.

Originally Posted by aimeecc

I'm buying a home and staying far away from any adjustable rates... And praying the market doesn't continue to decline. I'd hate to buy it and find out 6 months later its going for $50k less.

There are many in that exact situation right now. Part of this issue is just that. People cannot sell a house to cover what they still owe on it.