[Rick Lee]

There is oversight and regulation. The subprime collapse was not caused by fraud, not in the least. Sure, let's have more federal regulations that ban lower FICO borrowers from getting a loan, or require a 10-20% down payment, or maybe tell certain types of buyers that they're not sophisticated enough for an Option ARM. Yeah, let's do that and then watch the lawsuits and political pandering fly. If nothing else, the subprime collapse reminded us that we need to start taking personal responsibility for our financial decisions.