Well I agree that may be the case or it may not be, who are we to judge what somebody does with their finances? His son may have had a great job as well as the wife had cash put aside for emergencies and was living with in his means. There may have been a problem he could not for see with the company he was working for. This could have been Lehman Bros or Inron for all we know! Im sorry to see anyone go through hard times yet alone toss rocks at something we know nothing about!!! I hope he finds stability and all the help he needs to get on his feet!!!
Well according to his statement it was and I quote "
those greedy bankers who allowed people like my son and daughter in law to be able to buy a home when they definitely could not afford it but came up with gimmicks".
His statement of fact leads me to believe that not being able to afford the home was a pre-existing condition before they even took out a home loan.....thus my statement which is not tossing rocks, but simple analysis from someone who's been there and done that.
I filed for bankruptcy at the ripe old age of 23. I lived the high life in college and ended up with about 25,000 in credit card debt. I thought that would be ok because I was going to get a high paying job right out of college that would take care of my credit card payments. When I did graduate, no one wanted someone with an impressive education, they wanted someone who had the education along with practical job experience.
I ended up taking a part time job in my chosen field and also worked at a hardware store part time. I had no health benefits or retirement plan. One day leaving my job I slipped down some stairs on a patch of ice. I hurt my back and couldn't work for over a month. My bills started getting behind. This was also about 6 months after graduating, when my student loans start coming due.
That combined with my credit card payments totaling over $1000 a month was more than I was bringing in at the time after figuring in rent, food etc....
I could have blamed the credit card companies for predatory lending quite easily, but my whole point is that I was the one that made the choice to spend the money in the first place. No one forced me into accepting that 15k platinum visa that I ran up the debt on, or the mastercard, or the discover card, just like no one forced his son into taking a loan he couldn't afford.
It was one of the lowest points in my life, and I really sometimes thought I was never going to amount to anything. But never once did I blame anyone else but myself. I think that because of that I am a much stronger person.
. It's not your sons fault, it's the bankers fault because your son took out a loan he couldn't cover. No one accepts personal responsibility for things anymore. 
