There was tremendous cynical risk-taking, Q. I was reading this morning about a couple whose combined income was $79,000 but the agent sold them a $305,000 house. I have read of other 'successful' borrowers who were literally unemployed.

Obviously there was risk-taking on the borrowers' part also, but if they were convinced by the professionals - who must have known better - that the hopeful, hapless buyers were able to attain their dream who was most at fault? These lenders knew they were not at risk of loss- many of these mortgages were 'bundled' together and sold to other risk takers.