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Another problem adding fuel to the mortgage fire is the 2005 BAPCPA law, which severely limited a person's ability to file Chapter 7 bankruptcy. Credit card companies, etc, can garnish wages -which they do, leaving the debtor with little choice but to stop paying other things, like mortgages. It doesn't take much to find yourself in financial straits, especially not these days. Most people are a paycheck away from the poorhouse. Illness, layoffs.....anything can happen to any one of us here that would be our financial undoing, yet we are left twisting in the wind while the government takes our tax dollars and bails out the big boys. No wonder people are so pissed off.
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