
Many of the sob stories in the mainstream media have been focused on what are characterized as "responsible homeowners" who are in danger of losing their homes. Several articles of this type have been posted here, and many commenters have noted the extravagances and poor decisions that often make these homeowners look less than completely responsible. Let's be clear about one thing: Responsible homeowners are NOT losing their homes. To see the truth in this statement, one needs to have a clear definition of "responsible homeowner." A "responsible homeowner" is a buyer who, if they utilized financing, did not stray from the conservative parameters set forth by lenders (prior to the bubble) and financial planners. This includes using a maximum…[READ MORE]