Whoever said that EVERYBODY in America has a right to own a house, regardless of their ability or lack of to pay, and implemented the hare-brained schemes to give mortgages and loans to every poor schmuck that wanted one, should be drawn and quartered. No money down, pay only interest, and pay rent to the bank - for the rest of your life because you will never actually own this house.

Years ago, people waited and put down 20 percent on a house. That was the normal, customary amount. I grew up in a working-class neighborhood, and don't remember a single foreclosure of my neighbors' homes.

Just because something is available, you don't have to take it. I've never owned a house, or even a co-op, and I'm glad for that. The common belief was that you're throwing your money away by paying rent, and that a house was a good investment. Some of these buyers even looked down on "renters", thinking that they were smarter because they "owned" property. What a crock that turned out to be for many of them.