Mortgage No Longer Sacred

http://ml-implode.com/staticnews/2008-01-03_Borrowerspaycreditcardbillsletmortgagesslide.html

I've been talking for several months with how I think there has been a value change in how people regard their mortgages. Their seems to be some validity to it - (see attached article). In the past people would default on everything but the mortgage, now it seems the mortgage has become the disposable element. Who needs a house as long as you can charge Prada shoes. Actually, it probably light consumer goods of survival. The bottoming out of the middle class. What this bodes for the future of mortgage and consumer trends will be interesting to see develop.