Im not trying to divide the blame. In fact, Im the only one that has said the blame lies at everyones feet. Please show where I imply anything differant. As gor refinancing, it was happening well before the meltdown. People were refinancing every year, for 20% more in some cases. If you never saw this, then you must not know many homeowners. Nice to see you didn't question the banks willingness to forgo income verification. As for hud, they are not the only regulaters. Fannie and freddie werent the only buyers. Yes, hud had a role, and yes they share some of the blame. No, they aren't the only ones. And, they arent the only ones in government to hold some blame. For the sixth time now, the blame lies at everyones feet.