A stinking pile of dog dump still stinks by any other name. Same goes for managed risked loans, packaged derivatives, underperforming assets and any other Ivy League B-school financing moniker given to "what the hell were you thinking." Anyone with a functioning brain could have seen the divergent trends of personal income and housing pricing. Personal income has remained relatively constant for many years. The only major change has been the 2 wage earner family during the last generation but that has been pretty much tapped out with 75% of the available spouses already in the workforce. Housing pricing has increased 5-10% for a decade. Duh. How could anyone think this could sustain itself even with clever loan packages. And now we have the current mess.
Bankers have become equal partners in society's sludge pool with lawyers and politicians. The crap pile just gets bigger and more pungent.
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