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Four fold fault:
1. Fedgov interference (Community Re-Investment Act) to force banks to give loans to the unqualified;
2. Greedy lenders who bundled and sold and re-sold loans during the height of the property frenzy of the mid-2000's;
3. Most importantly, countless idiot buyers who were unqualified and took advantage of number 1.
4. The above causing the recession that caused responsible people to lose jobs and not afford their mortgage and exasperating the downward spiral.

Bottom line: Fedgov interference started it all. This is the reason that Ronald Reagan believed in small government and de-regulation. Let free-enterprise companies sink or swim. Without the Fedgov interference, the bankers would have never loaned to those who didn't qualify, as in a percentage down and percentage of monthly income.

BTW, I put the TARP fiasco entirely on Bush. He should have let them fail and go into bankruptcy to re-organize. Obambi & Co. have only made it worse, much worse.

Sheesh, what part of free-enterprise don't these socialists understand? I'm uneducated and I get it. But then, unlike many politicians, I've actually owned 3 small businesses and had 3 mortgages in my lifetime (when 15-20% down was required). Luckily, I was able to pay off my loan on my current residence bought back in 1994. My tax accounted advised against it; I knew better. Of course, I really don't own it due to local property taxes (another story).

Our children and grandchildren are so screwed. Not only are the Bush tax cuts (kudos to him for that one) are expiring on 1/1/2011, but I will take odds that other taxes (or so-called fees) will raise their ugly head within a couple of years no matter what happens this November.

We are looking at a lost economic generation, much like Japan experienced. I'm all in cash, except for a few stocks I'm about to sell and take a loss.