Mafoo is mostly correct. If you want to blame the most guilty of the groups, it would be the congress that gave far too much power to give away junk mortgages. Much of this mess is thanks to the congressmen, senators and president that voted for the 'Community Reinvestment Act' of 1999. The vote passed the Senate by a vote of 90-8 and Congress by 365-57, and was also signed by President Clinton.
No one is really fault-less in this process. Republicans voted on the CRA1999 bill - even more so than the Dems did. The bankers were idiots in giving out the money, and the people were stupid for not doing their homework and realizing the predatory lending practices that were going on.
As for me, I am not effected by the situation. I own some rental properties, and hope to own more in the future, as this recession is allowing for some great deals on the housing market.
Back from the dead, I'm afraid.
