This points out an important fact the the media often overlooks, though: the bank doesn’t want your house! Look at any popular media outlet and you get this vision of fat bankers in three piece suits licking their chops ’cause they’re about to foreclose grandma. In reality a foreclosure is a catastrophe for everyone – hence efforts like EMC’s to get late payers on track. But time will tell whether or not this turns out to be too little too late…

here’s some unconventional thinking…. why didn’t the subprime lenders do their due diligence (or, at the very least, acted proactively with these risky accounts) prior to lending tons of money willy-nilly? This is their own fault, their companies (and the people, unsuspecting though they were, who went for these types of products without the ability to afford what they were buying) deserve the end result. It’s just too bad that this is so closely tied to the rest of us, and we will pay a great price to compensate for the greed of these companies (and homebuyers).