*When I was a lad, I learned to estimate the payment on a 30-year loan as about 1% of the note, and that you should not spend more than 40% of your take-home pay on a mortgage. By this heuristic, Doofus was good for about $111,000, and no more.
Tip from Megan McArdle, by way of the Instapundit.
Update (19 May). It’s even worse, it’s irresponsible:. "…the banks shouldn’t have lent him the money."
Update (21 May). It’s even worse than that! Doofus’ second wife saw him coming a mile away.
Update (25 May). The NY Times gets a well-earned dressing down for enabling Doofus.