If parents entered into mortgage contracts they couldn't afford, aren't they responsible. I live in CA, and the game here is to buy one you can't afford, and then flip it. Unfortunately, it is a lot like musical chairs. You also have to consider, that if they bought in the subprime market, they didn't lose anything, because they didn't have anything invested.
Then there is the refinance group. Now they had equity in their homes, many purchased at the bottom of the last bubble. What do you do with all that equity. In CA, you get that cash out and spend it. So who here is responsible?
then we hear bankster, bankster, bankster. What I don't understand, is what happened to those lawyers who are required at closing in many states. I bought and sold a house in Illinois, it is only now that I am told that the lawyer was a worthless political expense, because if anything went wrong - IT WAS THE BANKSTER.