[quote=briansd1]
During the boom everyone was making money… but academically speaking, when the riskiest, most sophisticated mortgage products (toxic mortgages) were being sold to the poorest and least educated people (sub-prime) then what did they expect?[/quote]

I think we can all agree that the housing implosion was not “contained” to the subprime loans. I’ve seen quite a few short sales and foreclosures where the purchase loan or refi loan was not sub prime or even alt-A.