~ T-C-W-BAHTS/HCNA? ~ The – Consumer – Who – Bought A House That She/He Could Never Afford?

~ TB-W-L-TM? ~ The – Bank – Who – Lent – The Money?

~ T-I-W-WTATLIWMTBTLI? ~ The – Investor – Whose – Willingness To Assume The Loan Is What Motivated The Bank To Lend It?

~ T-IC-W-WTUTCRIWMTITATL? ~ The – Insurance Company – Whose – Willingness To Underwrite The Credit Risk Is What Motivated The Investor To Assume The Loan?

~ T-G-WDBT-MTICSASMTCSP? ~ The – Government – Which Didn’t Bother To – Make These Insurance Companies Set Aside Some Money To Cover Such Policies?

~ TYP-TPIT-EDSW ~ Take Your Pick – The Point Is That – Everyone Did Something Wrong

~ T-S-T-LICU-TS-IOT-ETMH ~ The – Solution – Therefore – Lies In Cleaning Up – The System – In Order To – Eliminate The Moral Hazards