Originally Posted by pocon1

Obviously ASU is earning enough money to afford his mortgage. Many times the people handing back keys as snooty suggests were speculative buyers. they used arms and interest only loans to pay little down and use the potential equity to make a profit. If the market falls flat or very heavy speculating has occurred in an area then they could be in trouble. ASU can easily afford this mortgage, and I doubt that most places in Ohio have had drastic price surges. Especially at $110,000 for a mortgage.
As far as the mortgages go, the basics are still there. The risky programs are disappearing, but the money is still available. I am settling on Tuesday with 6.5% no document loan 30 year fixed. It is costing me less than a point to get to 6.5%.