No personal responsibility in your vocabulary is there? How sad... It's either "Bush did it" or "blame the banks!" Oh I forgot: "Blame America First."
I never blame the 72% of America that has its head on pretty straight most of the time. Those are hard working people trying to make ends meet. I Blame the Administration. Totally different thing. For totally different reasons.
And if you READ what I wrote you saw that I said "Now if you add in the number of people who were creative with the application in cooperation with the bank/mortgage company..."This is not simply blaming the banks. But I find if you put a open box of money on the curb, most people will rationalize a way to stick their hand in and grab some of it, damn the consequence.
It WAS the responsibility of the BANKS to insure that they made loans that were legal, sound and held a good chance of being paid back. That responsibility is in their charter, it is to their stockholders. It is suppose to be enforced by state and federal regulators to protect the bank, the stockholders, the Federal Deposit Insurance folks and the Taxpayers so they don't have to bail out banks if either creditworthiness or trust start a run on the banks.
See if you can pick out the failures listed in the paragraph above, both legal and ethical.
As for personal responsibility, note I have not said a word about bailing out flippers or spec buyers, developers or even those who use their home as an ATM. Only folks I have EVER suggested be given a hand is that group that were on the receiving end of predator lending practices that targeted mostly poor, uneducated folks that trusted banks and were unable to understand what they were getting into [not understanding ARMs and Balloons etc]. It is a small but significant part of this debacle.