I am underwater.So are at least 40 percent of the other homeowners in Manteca.Between what I paid for my home in 2008 and what the assessor says it is worth there is a $90,000 gap.I’m underwater but I’m not treading water. Nor do I suspect the vast majority of other Manteca residents are in trouble just because they have principal balances on their mortgages higher than the market value of their home.When I signed my mortgage there was no clause that said if values dropped they would drop my remaining principal accordingly. By the same token there was no language that required me to give the bank any “profit” beyond the price I paid for the home if there is increased equity if and when I sell.There is no way I could have paid $185,000 in cash for my home.