Reply #10: It's not only the folks who bought too much housing...

[No.23]

that are involved here.

It's the folks who also refinanced their homes too.

Many of them already had conventional mortgages with fixed rates, but applied for refinancing to reap the benefits of an artificially inflated real estate market.

And many refinancing arrangements were ARMs.

Greed, in general, was the single most predominant motivator which prompted many to place themselves in financial hot water.