Was it the greedy, unregulated mortgage brokers' fault?
Was it because English was not the first language to the homebuyer?
Was it because the pigment of the buyers skin had more melanin in it?
Was it because the vampiric, self-serving Century 21 realtor incessantly urged the homebuyer: "We can do this!"
Or was it because the American homebuyer, when it comes to money, is financially illiterate and unable to balance instant gratification with delayed gratification inside his/her cretinous gord?
My vote goes to the latter.