Ahh, the mortgage crisis. About 6 or 7 years ago, I had friends who were waiting tables quit to get into mortgage brokering. Such easy money! Seeing as the rates were soooo low, all you had to do was peddle some refinancing package, with much lower rates, and people were lining up. And all those condos that were being built, you just signed up for one, or 30, and when they were finished you sold them. Who could lose? Yeah, the rates were variable, but you would make your money right away, and the rates were so low. And yes, there were was a speculator that literally bought 30 condos in FLA on spec. When people figured out there was no real demand for all of them, this character did some quick math and walked on the down payment rather than assume the mortgage payments. Take that Bear-Stearns. Take that, American tax payer (hint - not the poor or the very rich).