In the interest of fair and balanced reporting - a concept unbeknownst to most of the blogsphere-here's an interesting column by National Review editor Jonah Goldberg that blames Congress for enabling some of these recent mortgage-related blow-ups. With many Republicans, it's hard to separate lies/pure spin from the truth, but I've found Goldberg to be a pretty good source over the past year or so that his stuff has appeared in the Erie paper. I'm posting this link mainly in response to some of the Kunstler stuff that really takes banking execs to task over the current government bailouts.
Goldberg pretty much says that Congress encouraged/directed banks to write these high risk loans and then encouraged/directed Fannie Mae and Freddie/Mac to buy them, and then changed the rules of the game, causing the whole thing to come crashing down. It's an interesting alternative viewpoint that may hold some water. Check it out if you get a chance.