Ontario, Canada - have a higher downpayment and a stable income source.

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Here is how i see it: 1. government encouraged lenders to lend to low income and minority home-buyers. the legislation was to prevent discrimination in mortgage origination. the investment restoration act. i believe was the bill's name. we can debate rather the government should have involved itself or not. 2. stop blaming this on just the democrats. sometimes republicans forget they had both houses of congress for 6 of the last 8 years. and the republicans could have passed a bill to reform fannie and freddi. so stop the excuses. also the government did not tell investment banks to repackage these sub-prime loans into investment grade securities. 3. the federal reserve keep interest rates so low, that it made credit very cheap to get. that is why i believe that congress should not concede so much power to the federal reserve 4. home-buyers took on more than they could have handle. some was mislead with these complex teaser rates and adjustable arm mortgages. plus many felt that they would have been able to refinance before their arms adjust. because many appraisers told them that their property value will continue to climb. so in all....we had a perfect storm cheap money bad lending practices bad governmental policy un-informed buyers over-reaching buyers

Yes! It is a bi-polar....I mean bicameral decision! And its not the rich against the poor either. It is all of us getting a free ride on the credit card industry, buying ahead of our income and assets, gambling with other people's money and trying so desparately to live ahead of our means and keep up with the soap opera stars on TV. We should all be ashamed of ourselves, we should all pay and appologize to the rest of the world for damaging their financial well-being!