Here's s a great story from one of my favorite web sites, Freakonomics. It describes how the Mortgage Meltdown is really no different from other bursting bubbles. There's nothing to fear here, as long as you're not one of the holders of one of these mortgages. And if you could afford the mortgage before the fallout, you most certainly should be able to now, since rates have actually declined the past few months, thanks to the Fed.
If you cannot afford your mortgage now, you most likely have lost your job. In that case, your mortgage isn't the problem. It's your unemployment. Time to find ways to earn an income other than "working for the man."
What's So Special About the Subprime Mess? - Freakonomics - Opinion - New York Times Blog
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