Nice overview by Bill Moyers.
Bill Moyers Journal | Mortgage Mess | PBS
^ Sad video. But I don't know what people expect to happen if they don't pay back their loans. This doesn't seem like predatory lending to me. It seems like people getting massive loans that they didn't pay back. What did they expect would happen when they signed on that dotted line?
My best friend in Ohio bought a large trailer a few years ago for $5,500. Bought it outright. Everyone in his family made fun of him. They told him he should get a real house, way to go living in a trailer park, called him a loser, etc. Now his family members are getting foreclosed on and several are unemployed. He says he thinks people are just getting what they deserve -- they bought things outside their means and this is what they are getting for it.
There was plenty of greed to go around for sure, it wasn't just on the part of the banks. The people who took out these loans weren't fully committed to paying them back. Now we see what that has caused.