They say that there was a blockage in the old financial intestines keeping new food from getting through. Now where did these loans come from? Who thought it was a good idea to let people buy houses with no down payment? Who was crying the blues over people "losing their house"? If a person has nothing but "rent" invested what will make them stick around and not just walk away? This was all so predictable provided the thought crossed one's mind that all "investments" don't make money. And some even lose it.
This all comes down to what a business friend once said, "Don't ever go into business with someone who has nothing to lose." No substantial down payment means nothing to lose.
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