Because freedom can't protect itself
It is every home buyers choice as to whether or not they sign the mortgage papers agreeing to the terms. If the terms are to stiff, wait, save more for the down payment, then start to house hunt. People agreed to bad terms and high rates just to get a home they knew they could not afford if the market shifted. Bank greed and people overextending themselves by living above their means is as much to blame for the housing collapse as anyone else.
Stop buying what your income won't cover, budget for your needs according to your income, not your wants, and you will find the wants take care of themselves. Individual greed as well as bankers greed created this mess.
People today are not happy pursuing and saving to achieve their dreams they want what they want, NOW, and to hell with the train wreck that type of thinking and spending leads to.
I'm piss ass broke and don't own a house, but I am damn happy and to me that is more important than a house. I have a "home" even if I do not own it and my life is a lot more comfortable and stress free than those that own a "house" and have no time to enjoy it due to the constant fear of losing it. Anyone can buy a house, it takes more than a house to create a home.
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