I think that you are right in adding number 11. However, this might be very liberal of me to say, but I believe that for some of those borrowers (I can’t say to what percentage) the fact that they sucked money out of their homes was more a symptom of the decline in the middle class. Not all were greedy and buying fancy SUV’s and plasma tv’s(a lot of people did, but not everyone) For many their “home equity” was a needed third income to make up for the underlying decline in salary via increase living and healthcare expenses.
