Sure. Not disputing that, but it doesn’t help the situation, now, does it?
No, but your statement was factually incorrect. The first round of foreclosures was due to arm resets and speculators who were floating the money based on rapid increase in value.
Those happening now were people who were strong enough financially to make it this far but through unemployment or reduced income have not been able to sustain their payments. They most likely qualified in a fairly normal manner for their mortgage based on being employed.