The banks were FORCED to give mortgages to NINJAs.......The banks sold the mortgages. Some institutional investors were willing to take the risk.
Everyone knows that every single stock you buy is only going to go UP. Everyone knows that!!!!
NINJA........No Income No Job No Assets
No one has clean hands when it comes to this mess (except the guy that outed Madoff). Systematic break down at this level can only occur when all parties involved see a benefit to looking the other way.