I can feel for the ones that had little or no credit, and even less knowledge on the biggest purchase of their lives, then got consumed into a situation they had very little control of (emotionally, pyschologically and now financially) …

But what about the majority of buyers that had had full knowledge of what they were doing..?

Do you purchase a $450,000 house when your current $250,000 home hasn't even sold yet..? … and when it doesn't, you want to file bankruptcy..?

If I don't like my current car, do I quit making the payments on it, and then purchase another one..? … if my new $700 golf clubs don't improve my golf game this weekend, do I quit making my Visa payments on them..?

I find it fascinating that everyone today is “Under water”, they have “negative equity” – has anyone looked at their credit reports lately.? … I don't mean their FICO score, I mean actually “LOOK” and read their credit reports.

I look at 300/400 credit reports a month .. I find it amazing that most of these homeowners that want to file bankruptcy, or just want to “walk away” from their mortgages have accumulated thousands upon thousands of dollars of debt – and it makes their upcoming mortgage payment look like a gumball machine..

The mortgage is 60 months old, but they leased 3 new BMW's in the last 58 months which increased their monthly expenditure by $900 a month … and at 52 months they couldn't live without that $10,000 home theater or those 2 new $600 chairs to sit in while watching “The price is right”, which increased their monthly expenditure by $400 … of course, they couldn't live without the new stainless steel upgrades in the kitchen and the new granite counter tops, so a they got a HELOC for $18,000 48 months into the purchase of the home and that runs them another $500 a month, then another renewal on another car 10 months ago …

So let me see if I've got this right, their mortgage payment will reset in 5 months – right.? … they knew this 60 months ago (but still leased $80,000 in vehicles) .. they knew this 52 months ago but still couldn't live without that $10,000 home theater .. they knew this 48 months ago before the HELOC and they knew this 10 months ago before the lease renewal …

— And they want to blame the housing market and discharge all of their bad debt on the American public..???

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http://tinyurl.com/558bbd

POA has not even begun to reset, and will not be done until 2012. Not even close to bottom, and SoCal is tripply screwed with the high concentrsation of Neg Am POA's.