Deadbeats are deadbeats, and I have no sympathy at all for people who borrowed money they could not reasonably expect to afford to repay — especially because they are largely responsible for driving up MY housing costs the last few years as the end of the housing bubble coincided with me reaching a point in my life when I was tired of living in a crappy rent stabilized apartment. In fact, my gut feeling is just to let all of these places get foreclosed as it will drive down property values so that when I eventually do buy a place it will be even cheaper yet. But I feel more and more like this is a case where my neighbors have built a poorly designed dam upriver from me, and while I may think they are irresponsible, selfish, and stupid, it doesn’t change the fact that the bursting of the dam will drown me too, so it has become in my best interest to see their problems fixed.

— by northsloperenter in Citigroup Puts the Kibosh on Foreclosures