I live in Utah which leads the nation in personal bankruptcy! All over my area there are families who aren't making over $50,000 a year moving into $250-300,000 homes off of these mortgages. Then they get second and third cars, home entertainment systems, etc..., basically liviing way beyond their means . At some time the piper is going to come calling and if it does crash, they'll be owing for the rest of their lives.
Matt
Hopefully. Actions should have consequences.