Looking back at it, it was just so incredibly STUPID.
It was stupid for the homedebtor to "buy" a house at a price that made no sense, that they had no chance of keeping
It was stupid for the mortgage brokers to commit obvious mortgage fraud, and game the system for short term gain
It was stupid for realtors and the NAR to destroy their profession with their lies, deception and spin
It was stupid for builders to buy up land at any price and build homes as fast as they could, thinking the Ponzi Scheme would never end
It was stupid for Countrywide and Indymac employees to go along with the scam instead of raising a red flag and blowing a whistle
It was stupid for Fannie and Freddie to buy any Alt-A garbage, exposing the US taxpayer to their stupidity
It was stupid for the mainstream media to cheerlead the housing bubble, when they should have been shouting about the mortgage fraud and stupid prices instead
It was stupid for George Bush to cheerlead housing when prices made no sense with his 'ownership society' Ponzi Scheme promotion
It was stupid for Alan Greespan and Ben Bernanke to do nothing to regulate the lenders as they were mandated to do
It was stupid for the banks, governments and investors who bought the garbage loan CDOs
Bottom line - EVERYONE involved in home buying got stupid. EVERYONE lost their minds. However, unless they're prosecuted, the scamsters and fraudsters will come out ahead. They'll know crime did pay. And they won't be stupid after all.