Should the mortgage crisis be blamed on subprime borrowers? Evidence shows that it only accounted for 34% of bad underwriting while more complicated and crazy mortgage products with rates that shot through the sky accompanied initially with very low teaser rates accounted for a majority of foreclosures.
http://business.theatlantic.com/2009/07/dont_blame_subprime_mortgages.php
WSJ article analyzing the foreclosure crisis.