Reply to What I don't get: When people complain that they are drowning because their house is underwater

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Reply to "What I don't get: When people complain that they are drowning because their house is underwater"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]But come on -- it doesn't take a PhD in economics to know that you shouldn't be buying a house if you have to pay more than 40% of your gross income on interest alone in the hope that the house will appreciate enough so you can refinance.

I agree the banks deceived people. But you were awfully willing to be deceived if it meant you could live in your dream house.

[/quote]

Actually, cutting edge research from the fed (think its Chicago, could be Atlanta) has been finding that[b] innumeracy [/b]was a significant contributor to the housing crisis. In effect, a lot of Americans can't add and DID NOT know that their budgets could not support their loans. I've been really surprised that this issue has not received more interest from policy makers and the press. (sorry for iPhone typos)
[/quote]

At first I thought you meant idiocy.  I see you don't, but it really works just as well.

Are you suggesting "I can't add" (and apparently, its corollary, "I'm to effin' stupid to use a calculator") she constitute a reason for mortgage modification?  I just can't accept that.  No.  [/quote]

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