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While this article is delightful and whimsical in its own fashion, it negates to mention any culpability of the borrower. The writer refers to "no doc" loans but never specifies what a "no doc" loan is. More aptly even with sub-prime lending, the issue is with over-documentation and not no-doc's. Most borrowers do not fully read there agreements, do not look at even the clearly stated terms on their variable rate mortgages, and show a generally lack of understanding as to the content and severity of a mortgage. This is one of the biggest purchases one will make in their life and no reading all of the major articles of the agreement (excusing even the minor articles) is indefensible and for someone to argue that there is no culpability of the buyer is ridiculous. These deals were not cultivated under duress nor were they unconscionable either procedurally or substantially. Instead of resting all of the blame on one party, the blame should be evenly dispersed. The government should have directed more attention to the issue (Even Greenspan said in an interview that he didn't learn or think about them until they were deep into the business conscious, whilst all State regulators were screaming about them from the start; however, if you understand the workings between the two you understand that the federal regulators supercede the state regulators by invoking federal jurisdiction). The businesses especially the mortgage houses should have recognized the potential for default and were negligent in preventing it. The originators were unscrupulous and undoubtly glossed over the details of the loan document and sacrificed their own credibility and morality in doing so. Finally, the customer is at fault for not reading, trying to understand, and recognizing the potential situation they were getting into. There is no excuse that the terms are not understandable. A simple google search will give you adequate knowledge to understand the terms and understand the complication of a variable rate, negatively amortized loan. Further if the argument is lack of knowledge than let me be the first to say that ignorance is no excuse for incompetance. I think we focus to much on what every one else does and blame shift way to much. I would know. I was part of these loans and lost my house to them, and I will be the first one to raise my hand and say I was ignorant of the facts and will never be again.