What caused the mortgage system to collapse?

[smileyman]

Yeah I posted elsewhere about how the MTG originators, realtors, title companies, and closing agents got to ride the wave of greedy ass bankers. (I can say that after 15 years in banking). Lotsa loan officers and management have pulled away hefty bonuses for selling the whole market short.

But that was the housing market and it has certainly come time that market paid the piper. But something to think about...This same pattern of lending (business plan I mean) has gone on for some time in the unsecured credit market, the small business capitol market, the accounts receivable market, and the commercial paper markets...When will these losses hit, how will the investment firms take these losses, and where will that leave our economy.