Twyacht has got it right. There are a lot of hard working people that were given loans that they could not afford. Saw a report of a family that is now homeless. The husband and wife both worked and bought a house on a interest only mortgage and were paying $1000 a month. That was no problem. He worked construction and with the downturn on homebuilding was laid off. Then with the economy his payments went up to $3000 a month. They are living in a van and looking for work to get back on their feet. No, they are not looking for govt bailout.
I don't believe that all the people that made bad choices on loans are lazy and whatever. The idea of people being able to buy what they cannot afford is the main problem.
+1
A lot of good people that were ignorant in the ways of financial workings were led astray by 'lending predators'.
To some that may not be an excuse, but it happened that way.
Many home buyers were 'talked into' adjustable rate mortgages without being warned (many didn't understand enough about ARM's to ask) of future risks when rates climbed.
People should have known better, but they didn't...and banks preyed on that...and now taxpayers are having to pay up for the bank's indiscretions.