[Detector]

I think a lot of these people are willing to take a chance on a bad mortgage chasing their dream. Kind of like the people you see at bingo or playing the lottery all the time. Looking for that instant shot in their life to get ahead.

Luckily for me my mortgage has a fixed rate, but I would have probably jumped on it even if it wasn't. As I said, before getting our house we had been paying $625 a month for 5 years. Thats $7,500 a year which happens to be what we paid for our own house.

Risk? I go to the bank to get a loan for a house appraised at $41,000 and only paying $7,500. I've been at my job for over 10 years and my wife at hers for over 3 years. We've been paying $625 a month rent for 5 years with no problems, and the bank won't lend us the money without a cosigner. Now for $7,500 for a $40,000 house, even if we were to default the next month, they would have made out like a fat rat. My mortgage payment is $185 a month(I got it on a 4 year note) which alone gives us an extra $440 a month from the $625 a month rent we were paying. Show me the risk.