A Different View of the Subprime Crisis

This article by Cleveland Fed senior economist Yuliya Demyanyk offers an interesting and somewhat counter intuitive look at the subprime crisis. She lists ten myths about the crisis, many of which implicate borrowers as the major problem, but argues that the financial industry's use of leveraging and collateralization was primarily at fault. http://www.clevelandfed.org/research/commentary/2009/0509.cfm