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It's because the banks got greedy and gave out way to may loans to people that didn't have good credit with hardly no money down, and your right your total income should only be a small percentage for your house payment.
I don't believe it's totally your generations, we have guys here at work in the 50's losing there houses, believe me they have a good job and could afford there house payments, but they had to have nice new cars for there wive's to drive ( and most of there wive's don't work mind you) they needed boats, motorcycles, quads, more toys that they can't afford.. oh the list goes on. they wanted to be the Jones living next door.. we'll i think they should sell there "toys" and get out of dept. No i don't feel sorry for these guys at all. there the ones that made there mess by getting loans on top of loans and borrowing against there houses for these "toys"..
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PROUD MOMMY 
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