The Sub-prime leader for some time was Ameriquest/Argent Mortgage.
They were not a bank. They had no depositors.
They existed only for the origination and securitization of subprime loans.
That would be W with his Ambassador to the Netherlands - Roland Arnall, the "Godfather of Subprime"
Baloney.Argent Mortgage falsified FICO scores for thousands of loan applications.
The gooberment forced a no-win scenario on banks, which were thus happy to outsource their problems to someone who would accept responsibility. Concentrating no-win issues is ripe for abuse, both malicious and fearful.
OK, we know this and have been over it. Government demanded unrealistic requirements, "crony capitalists" abused it, stuff broke. Blame is both due and pointless. Some reason you're berating fellow FReepers with the subject?