<p>This is still an individualist country and it is the purchaser’s responsibility to do their homework first as the information to make an informed decision is available. I do not buy into the notion that it is all the governments fault and people were suckered. It is unrealistic and ignorant to think that a house assessed at a half million dollars will retain a value of a million. It is short sighted and selfish to think there is some magic balloon that goes up forever just because a group of people wanted to create a cash cow out of one of the biggest pie in the sky American schemes. Once a person signs their name to a document it is their responsibility to honor that agreement. </p>
<p>There was nobody putting a gun to their head nor coercing them into buying a home. Why should responsible citizens bail out the irresponsible ones? Just like under rule of law, to be ignorant of a nations laws does not entail that one is exempt from them. If people want to gamble in the housing market they should accept where the cards may fall. A point I mentioned and feel ignored is that ultimately there will be WINNERS and LOSERS. Are you telling me that the majority should reward such hubris, unscrupulous and irresponsible behavior for tempting fate to only end up a LOSER? By that logic, then you should pay for my losses if I go to Vegas and gamble all my money away. It would be the same argument from ignorance to claim that I am cognitively unaware of the risks when place my money down on the table.</p>