Who's to blame for foreclosures?

While it seemed during the hot housing market of the past few years, almost anyone with a pulse and job could qualify for a mortgage.

Now Federal Reserve Governor Susan Bies said on Thursday looser underwriting standards were partly responsible for recent rises in late mortgage payments and that lenders should tighten risk management practices. The full article can be read here.

Make sure that you're comfortable with you proposed payment before you buy a home. Otherwise, you might just be getting in over your head.