It’s the same problem at the root of every burst bubble: consumersturned-speculators who overestimated their future earnings, underestimated their risks, and got caught in the gap. With the help of too-eager lenders. Lots of us, it seems, figured this was one more sure thing we could take advantage of. And lots of us were wrong.
It was pretty weak at suggestions on what to do about it. Although, there probably isn't much that can be done. The best idea I've heard is for borrowers to work with their lenders. I'm pretty sure lenders are more than willing to modify mortgages. They have a lot to lose too. One thing we don't want is for the government to step in. Once the government starts messing around with things is starts causing more problems.
It's time that people be held responsible for their own bad decisions and not expect the government to bail them out every time they screw up.