The biggest question in this mortgage meltdown is “Who do we blame?” Is it the bankers or lenders for not tightening the credit standards? Is it the loan agents who did not care if their clients couldn’t pay in the future as long as they receive a fat commission? Or is it the buyer who should have known better that if they can’t afford it, they should not have bought the house?

When buying a house, a lot of people probably did not have mortgage protection as well. But one should be aware that some mortgage protection only protects the lender in case the buyer dies not if the buyer defaulted. In the latter case, the buyer would still be responsible for the payment and the house could foreclose.

For homeowners where their mortgage rate is going to reset, sometimes it’s hard to refinance (or remortgage) when they have a poor credit. So a poor credit remortgage, could mean a much higher interest rate for some people. This probably does not help alleviate the problem but it will only slow down the inevitable - foreclosure.