Before the REIC spun out of control, you used to have to have private mortgage insurance if you didn't put 20% down. And now? Anarchy and collapse.

Another great "innovation" these past few years is the 80/10/10 piggyback, where you could borrow 100% of your home purchase, and avoid PMI.

What great thinking! Who needs stinking insurance! A relic of the past!

Tell that to the hedge funds, pension funds, foreign countries and everyone else that will get killed during the mortgage meltdown. With PMI in place, investors would have been protected against default.

No more.

World - you're on your own. We figured out a way to game the system and make you the bag holders. Countrywide, IndyMac, American Home Mortgage and the rest of the mortgage conmen on commission found a way to enrich themselves short term, and leave you holding the bag.

You ain't gettin' paid back. Now deal with it.

Remember when you had to have a down payment? Remember when you couldn't borrow funds to use as a downpayment?

What really sent the system spinning out of control these past few years is the use of "piggyback" loans, where you'd take out 80% or 90% of the value as your first mortgage and then basically charge the rest onto an unsecured piggyback loan.

PMI? Nah!

Save up for a downpayment? Nah!

Have some skin in the game? Nah!

Cause the biggest financial crash in recorded human history? You bet!