Its the adjustable rates that are causing the problems. If you didn't pick up a fixed rate when they went down to about .04% you have to be numb. My first house in 1964 had a higher rate. Thank God we don't have another Carter in office because when he was POTUS my 4th house had a 12% Mtg.. Since we are currently here to stay the .04% works great. Adjustable rates work OK if you want to keep a house for a short time or build up your capital to re mortgage it at a fixed rate later. "We Buy Homes" is cleaning up here in FL. People are trying to get out from under and are taking almost 1/3 of value off their property just to get the mortaget off their backs.
There were a lot of loans made without background checks a couple of years ago if the buyer was willing to pay an extra half of a percent in interest.
Lots of interest only loans.
Lots of overpriced property snapped up when the RE market became like our old stock market under Clinton before it all went south.