[Morrigoon]

iSm: it becomes your problem when your HOA can't afford to maintain your building because nobody's paying HOA dues on the foreclosed condos.

That's what's happening in our neighborhood. So many defaulting homeowners have simply stopped bothering to pay up their dues that our HOA is strapped for cash right when we have a major termite tenting/painting project going on (one that is LONG overdue and can no longer be postponed).

However you may feel about bailing out the banks, or the defaulting homeowners, etc, the reason that the government is getting involved is that it's not just the wrongdoers or the foolish who will pay the price.

There were lots of people in the 20's who didn't buy stocks on margin, but when unemployment hit 23.6% IT WAS EVERYBODY'S PROBLEM. So you can sit back on your heels and laugh at all the people who are not like you and did things you didn't do getting taken down by their actions. But they're taking you down with them, your head just hasn't gone below water yet. And if you wait till then, it'll be too late. Oops, it probably already is.