It's not a matter of whether or not they define themselves by their home, but whether they will have shelter for their children that worries me. A lot of people are losing their homes, and many of them will not do so well.
A few months ago, I was the only passenger on a bus, and the bus driver and I got to talking. He told me he had been a truck driver for over 30 years. As the price of diesel kept rising, he took out home equity loans to keep his business afloat, thinking the spike in fuel was temporary, and he just had to ride it out. He got into the horrible situation of owing more monthly than he could possibly make as an independent trucker. His wife had Alzheimer's disease, making her unable to work. Her medical bills made a bad situation even worse. He tried to sell his truck, but no one wanted it. He contacted a realtor about selling his house, and it was valued at less than he owed. He got the job as bus driver to try to earn enough to keep his house, which he would only be able to do if he worked lots of overtime. He was about 60 years old, looking very worn out, but not as bad as I would have looked had I been in his shoes.
The mortgage crisis is hitting a lot of honest, hard working people. It's not just speculators. Not everyone has family to help. Not everyone will be able to work all the hours needed to pay the bills. What happens then?