@ The Dude
Joe and Mary Reckless Spenders bought a $350,000 McMansion with nothing down on a liar's loan. They probably made $30,000 a year between them on the high side. (Giving them the benefit of the doubt.)
Jim and Kathy Responsible bought a $200,000 average home with a 20% down payment saved from all the money Jim, an electrician was making in construction during the same time period.
September, 2007 happens, then September, 2008.
Jim, the electrician, is wiped out by the construction shutdown.
He is on unemployment and going through his savings.
Joe and Mary Reckless are so far behind they cannot see their shoelaces and the "yellow notice" has been affixed to the door.
Now Joe and Mary happen to know Jim and Kathy. They have been friends for a while. Mary and Kathy are even in the same womens club and talk often.
With no investment to lose,, Joe and Mary are "walking" after stripping the copper out of their house along with anything else that can be sold or salvaged. Suddenly, it hits Jim and Kathy why they are in the "no more construction work going on" syndrome. They read about people like Joe and Mary on the internet, and in the papers. Jim begins to anger because his so called "friends" and the banks that cheated for them, have put him out of business and made him lose his own home that he could have paid for if the honest folks of this world had done just like he did.
So, Jim, who can't make the three payments to catch himself up, packages up the keys to his house and mails them to the bank.
Jim and Kathy Responsible are in a tent city near LA
Joe and Mary Reckless are in the same tent city.
Are they still friends? Is it NOT about the individual actions, but only about the reckless lending of the banks?
(I know this is a pretty dumb story but it "sort" of makes the point I want to make.)