[bomelia]

Root cause? I would say the root cause would be regulations (relaxed) that allowed people to get these houses. American Dream for all! Now its an American Nightmare. Used to be you had to have 20% down. No ifs, ands, or buts. It showed you new how to manage your money. Now, no downpayment and waived PMI. 110% home equity loans. No questions asked. Credit cards out the yazoo.

Its hard to get into this kind of trouble when regulations make it difficult to do so. Remove the barriers, and this is what happens.

Mike