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"If You Find Yourself in a Hole ..." "... Stop Digging!"

The collapse of the subprime mortgage market in the United States, followed closely by the banking crisis and credit crunch, has sparked many discussions among those seeking to determine where to place blame for the mess that has unfolded over the past year. Should it fall on the shoulders of the mortgage brokers, who encouraged highrisk borrowers to apply for loans they couldn't afford? Or does the fault lie with the lenders, who didn't provide adequate oversight because they were selling the loans' risk to investors through collateralized debt obligations (CDO)? What about the credit rating agencies, for not properly evaluating the economic soundness of the securities they were rating? Do ...

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