MrTiki:

That's what happens when homes are sold to illegals and other irresponsible dirtbags trying to get something for nothing, and convinced they're ENTITLED to a house.

Much more complex issue than that, including rules changes on interest, corrupt appraisers, and mortgage bundling under fraudulent labels. Fed's already admitted to a failure of oversight and it's quite obvious that Bernanke's precipitous rate hikes from Greenspan's foolish lows, wedded to rampaging inflation that has cut disposable income, had a lot to do with it. Like most bubbles, took a lot of mistakes to create and a few small events to pop it. We'll have more to come, so we'll see what you've learned.