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ANSWERS: 2
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lack of personal responsibility, by the mortgagees. people need to take responsbility for their actions, and stop expecting the govt to bail them out.
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It started with a bunch of politicians trying to win voters hearts. These politicians told the banks to start lending money to people who would not normally qualify. The Banks forgetting common since started to loan to people with poor credit and no money down and since that is how loan officers make money theres really no incentive to not do loans. Individual also know what they can and can't afford yet many took out loans they shouldn't have. With Rates low because the fed was trying to stimulate the economy and loans easy to get. it made it easy to buy a house so house prices raised. Supply and demand.
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