Very simple. The majority of the "toxic loans" were hustled into the Fannie and Freddie debacle via social engineering. Leading the charge was the likes of Barney Frank and Maxine Waters whose socialistic views encouraged government supported home ownership for everyone. Most of the people involved had neither the intelligence or experience to realize what they were committing to, but knew another give-a-way program had landed in their laps. Couple that with super thief Frank Raines (Obama's committed choice for Secretary of the Treasury) lending money to unemployed minorities to meet his bonus numbers on loans and the rest is unfortunate history. Hard to believe, but the US is not about working 2 jobs, saving and scrimping to own a home anymore. It's all about you and I supporting the increasing lazy masses breeding even more hands out in the freebie lines.....
Now there is the most intelligent response posted to this situation, thus far. There is nothing that can be added to it, with the exception of what my Dear Ol' Departed Pappy said, before he left this Cruel World. "If your expenses exceed your income, your assets in jail." Each and every American Registered Voter, with the intelligence to turn a light on in the dark, should write, call, or e-mail his or her, Local, State, and Federal Representatives, and tell these elected officals exactly how you feel about how this Great Nation is being governered. 535 or 565, of these elected officials are making, and enforcing, and presenting new Laws that 300,000,000+ of us have to abide and live by. I do it, but I'm just one voice in the darkness. I do it constantly. I'm a Small Businessman, but I have more than 100 Employees, depending on me and Gary Kale for their livelihood. We don't take that lightly. The mess we are in has been created by the Kennedys, Rockefellers, Boxers, Waters, Jacksons, Sharptons, Rangals, Obamas, Byrds, Rahalls, Schumers, Franks, and the list goes on of these liberal c##ksu##ers, that have ruined this Great Nation with handouts and chit like affimative action. No body gave me a dam quarter. I worked for every dam dime of it. And my GOVERNMENT does everything it can to take it away from me. They are anti-businesss, and that's a natural fact. Dam it, stand up and be counted. Quit laying back and saying chit like "Ain't this a dam shame." DO something. If you don't, you are Anti-American, and you deserve to go down the tubes with the rest of the sorry a$$ed population.

I'm mad as hell, and I aint gonna' take it no more! Vote 'em OUT, dammit!

There endeth the lesson. Later--HUBBARD