I look at it as being:
- the fault of the borrowers if they took on mortgages they now can’t afford,
- the fault of the institutions who took on too much misunderstood, bad mortgage securities (believing the unrealistic ratings of the bond rating agencies, etc.),
- and the fault of our government that it forced this level of bad lending on the banks—and that the taxpayers are going to get stuck with the bill.
Good assessment and the same is true for Britain in fact our banks were in a way even more greedy as they lapped up the bad debts from the US.