Personal responsibility plays no part in it. I have a B of A home loan--I'm 2.5 years ahead on a 15 year note. A fellow down the street from me bought a 300,000 dollar house with nothing down and he makes 42,000 a year- he has a B of A loan as well. I've talked to him--he knew he could afford the house payments when he bought the place--but it was a "nicer house than I could rent". Of course--if you are financially responsible and keep current or pay ahead on your mortgage--lol--but if you are irresponsible and game the system you get part of the loan forgiven and absurdly low interest rates. While we need to ensure banks don't game people--why do we reward people who game the system with all these "
breaks".
Read more: Does anything seem wrong with the Bank of America settlement?
