Would You Give This Man A $550,000 No-Money-Down Mortgage?

But who are we to judge if this somehow saves us all from Great Depression II:

Marlo Saab bought a $555,000, two-family home in Queens three years ago — no money down.

Now, teetering on the brink of defaulting on his mortgage, Saab is looking to President Obama’s plan for struggling homeowners to help him hold on to his house.

“I think that his plan gives us hope,” said Saab, 40, a computer technician. “I just want a little help not [to] go down the drain.”

When he bought the Jamaica Hills house, Saab got an 80/20 mortgage — splitting his borrowing between two lenders, IndyMac and Countrywide — for a total of $3,400 in monthly payments.

He makes $80,000 a year and says he has a healthy credit rating. The Saabs have rental income and they’ve paid off their car.

However, Saab’s overtime has been slashed. His wife is looking for work. The couple also have renovated their home and spend $10,000 a year to send their two kids to Catholic school.

Saab has racked up $70,000 in credit card bills and borrows from family and friends to make his mortgage. He has never missed a payment, but he’s not sure how much longer that can last.

I’m pretty sure this is supposed to be a “positive” story, too . . .