I'm a realtor (an honest one -- I know our reputation but truly am honest). I put the blame for this whole mess squarely on the shoulders of immoral lenders and appraisers. I had some clients who bought a house some years back for $130ish through me -- it was worth that and they loved it and everyone was happy. Two years later they called me to ask for an analysis on the home -- I went over there and told them it was worth about $160K so after paying fees they were $20K to the good. The woman told me they owed more than that on the house. I said - you can't - -I sat with you at the closing table -- I know what you borrowed. Long story short -- they had refinanced with an immoral mortgage company now out of business. These people had done a drive by mortgage and proclaimed the house worth $220K!!!!!!!!!!!!! They refinanced into an adjustable rate mortgage -- they are now bankrupt. How does the appraiser and the lender (how do, sorry) sleep nights?????