I still can't understand how this could happen to anyone unless they lost their job.
Then you simply don't understand the root of the problem.
As stated several times here, there is HUGE blame to be layed on the people loaning the money. This starts at the top with the C-level execs all the way down to Joe Bob, the mortgage broker, that sold you the loan to make the commission.
It seems that you guys want to ignore that people ignored the facts about ARMs, lack of down payments, etc.
I don't get it. It's like you guys just want to lay 100% blame on this faceless entity called "greedy CEOs" without admitting that there is a personal accountability factor.
If we continue down that path, then we are destined to repeat this act again.
We absolutely must, as individuals, realize that we can not live on credit cards. Don't blame the banks for offering them to you. You are not "forced" to sign up for them.
Personal cut-backs are as necessary as corporate cutbacks.
If you are for CEO pay reform, then you better start looking at the CEO of your household for the same type cutbacks. I'm as guilty as the next guy living above my means, and it's time for me to re-evaluate those choices.
My over-arching point is that if you are laying all blame on "greddy CEOs" then I don't feel you have a good grasp of our current situation. All of us have been coddled as Americans. We have it really freaking great! Now it's time to pay the piper.