Subprime loans are usually low (or no) downpayment loans to bums. Once a loan balance exceeds the value of a home, the bum figures, "Why bother?" And then the bum waves goodbye to the house and basically says to the bank, "Enjoy your new house." Because he's a bum.
As values fall, more and more bums take their cue.
So what is the crisis?
Nice broad brush there.
Your general consensus IS correct...but many subprime borrowers are fellow Freepers, brothers, cousins, and co-workers. Calling them all bums is akin to calling all conservatives “extremist religious zealots and gun nuts.”