Who is to blame for greedy lending practice?

I was going on a rant on how greedy creditors and lenders have ruined the economy with high interest and adjustable rate mortgages. Somebody brought up a great point though. People really should not have gone for loans they were never going to be able to pay off.

It is difficult to argue that individuals greed didn't contribute to the problem. I knew several idiots who went out and got home loans for house much bigger and more expensive then they needed. For god's sake there were more bedrooms than people in some instances. While I still blame the creditors and lenders, I have to admit people should be responsible.

What are your thoughts and who do you hold responsible for the sub prime real estate crisis.

People and lenders had a big head. Both my brothers bought a house that was way too expensive. One was in the millions the other half a million.

My mother always thinks about frugality but my brothers went and spent beyond their means to impress their other half. Now one is foreclosing their house the other lost his job and is depending on his girlfriend.

As to why they spent so much on a house I really don't know. Some blame Bush or Osama bin laden for starting a war. But mostly the recession teaches everybody to tighten the belt. Greedy bankers and people made their bed. Now they have to lie in it.

Overconfidence, greed, and lack of understanding that the economy can have a reversal of fortune at any minute to unfortunate circumstances led to demise. Now it is a buyers market and foreclosed houses are more affordable. Was thinking of getting a place in Vegas. Too bad our house in CA went down is value.

Going to sell lands and house in Philippines to pay for mortgage. Was going to keep the house in Philippines but we need the money.