This is a case to keep an eye on. Isn't this a matter of taking personal responsibility and being mature when signing a ton of papers at the closing table? Sure it is. But this is the day and age of ambulance chasing lawyers, it will be interesting to see the outcome of this case and what sort of backlash, if any develops against lenders.
The mortgage industry is portraying the foreclosed borrowers in the mainstream media as the scum of the earth, but whose mailbox - subprime quality, or triple-A - wasn't filled with offers from mortgage companies to borrow beyond ones wildest dreams? A few lenders used to frequently send me solicitations to borrow 125% of the value of my home. "Dear Mr Kingsland, your excellent credit, blah, blah, blah..." The industry and cheap money made it all too enticing and now the problems are coming home to roost not only in folks losing their homes, but in this sort of legal challenge and the collapse of the companies themselves.
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