I agree with Davelj as well, but put slightly different blaime percentages on it. I feel he forgot the rest of the RE industry’s culpability in it all. The builders and agents and associated persons/groups who blitzed people with advertising and all the happy talk of ‘investments’. The appraisers who gave out-of-this-world values that enabled the loans. The newspapers who bend their headlines over for their advertisers. There are more associated with the industry, but you all know who they are.
Anyways just to make it easy I would say 30% Industry, 30% Lenders/banks/Wall Street and 40% borrowers. I give the extra 10% to the borrowers because none of it happens without their signature on the bottom line.
But like dave said; if they wanna be angry, that person in the mirror is first in line.
