I would place the greatest responsibility on people like Alan Greenspan and his pals who wrote the rules, full well knowing that lenders, brokers, agents and the buying public couldn't resist the opportunity to creatively "own" their own home.

Further, the rule makers had to know the lenders, brokers and agents couldn't resist their own urge to speculate as the fervor of the bubble developed and expanded.

Alan Greenspan's statement during his book promotion on 60 Minutes, that he and his pals had no idea that the real estate bubble would develop was just a bald faced lie.

peaceably