The Subprime Blame Game...

Informative story on CNN Money with the creative title of Subprime: Let the finger-pointing begin!. It starts with a group who normally does not get as much attention when it comes to this issue, the borrowers themselves. To give you a hint as to the writing style Peter Eavisuses in this piece:

As prices kept soaring, the urge to get in on the boom became overpowering. Medical students, hairdressers and other amateurs were snapping up multiple condos in hot spots like Miami and Las Vegas, planning to flip them for quick gains. And people for whom home ownership once seemed out of reach took on far more debt than they could ever hope to repay. Don't have enough cash to put down the customary 20 percent? Just put down 10 percent. Better yet, borrow the down payment! If the bank approves, it must be okay, right?

Feckless, naive and pathetically addicted to easy money - sure. But with teaser rates and complicated terms, hopeful homebuyers often had little sense of what they were getting into. Now many will pay dearly for their poor judgment - losing their houses, having their credit ruined. We weigh our belief in individual responsibility against the all-too-human failing of getting caught up in a national frenzy.

I think he has a point...but he has more...