I'm going to add to this ............
Fact..... A large amount of people who have foreclosed and lost their homes were people who should not even have been considered for the loans they wanted.
Fact ......... A large amount of people who have foreclosed and lost their homes were people who should not have even been in this county (yes Criminal (illegal) Immigrants).
Here is a scenario that was played out time and again during the "HOUSING BOOM"
Juan Gonzales buys a home for 300,000 Juan keeps this home for 7 months and sells it.......to Juanita Gonzales for 325,000 Juanita keeps the home for 7 months and sells to......Pedro Gonzales for 350,000 keeps the home for 7 months and sells to Maria Gonzales for 375,000 she sells in 7 months to Miguel Gonzales for 400,000. Miguel forecloses on his loan (his credit is ruined but in Mexico his American credit problem is no big deal) The Gonzales family has between them 100,000 of stolen American money and they live large in Mexico.
How about them apples!
MDK