Here is an article about all the speculators - who just had to get in on the booming housing market - defaulting on their loans. One would hope that there is some relief for people who are working and living in their homes and are going to get crunched by exotic mortgage resets (these people should start talking to their mortgage companies, I think they'd be surprised by their flexibility). The speculators don't deserve any relief. Unfortunately, with no equity in a property, I am not sure what recourse there is against the borrowers. The poor schmucks that actually bought homes and condos to live in next to these speculators are the ones who are going to be hurt.
This chart from the article is amazing:
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