CNBC's Diana Olick spells it out. "American homeowners got greedy, bottom line"

Here's Diana on why the Fed shouldn't lower interest rates to bail out greedy flippers and the corrupt REIC. Also check out this full thread as it deals with Cramer's meltdown from Friday.

Since Diana is an HP reader, if you want her to dig deeper on something, or have any kudos or criticisms, use this tread...

"American homeowners got greedy, bottom line. They saw these low rates, they saw these "exotic" mortgage products, and they bought themselves homes they should never have owned in the first place. Now they're in trouble, and many of them should be."

"Yes, there was plenty of predatory lending and plenty of illegal and immoral practices going on in brokers' offices in every state of the U.S., but the bulk of the boom was driven by straight-up brokers with straight-up documents that just happened to offer very cheap money for a short time. People didn't read their papers, didn't take the time to understand their investments and now they're getting burned."