There's also the reality that payments you might have been able to make easily three years ago are much harder to pay now - especially if you haven't received cost of living adjustmentsAin't that the truth. My gas and electric bills have both gone up by almost 25% in the last year or so. My salary... 3%. Our corporate management is in California, I know a few people who sent them copies of current heat bills and last year's to show how their assurances about keeping up with the cost of living aren't really playing out here.
if we don't regulate we will pay in some other way, like bailing out banks and homeowners. The most efficient point of prevention is probably not the millions of people who aspire to own a home and aren't that bright about finances (many first-generation homeowners), but the at the source - at the level of banks and agents approved to offer loans that are too risky for their buyers.