How is it lame? You blame the subprime mortgage companies because people are foreclosing, I blame the home buyer for being too anxious to get into a home. Subprime blames FICO it's an endless circle of blame.
These people aren't twelve and Subprime mortgages are a business of giving loans to sub prime people, I would be included in that catogory right now. People were jumping into ARM's and interest free for x amount of years, never thinking to themselves that the interest rates could climb and we may not be able to afford this if they do. Nope, they just thought " WOW, I got approved, and for x amount of dollars, now we can really buy our dream home, much better than we anticipated". As I said before, I don't wish foreclosure on anyone, it's horrible and I do feel for these people. But you have to know and understand what you are signing, you have to step back and think about what you can realistically afford.
Think about it, some of us who are on here who are searching for Alternate (subprime) credit cards. We shop around, we read all the fine print, find out what fee's there are. Why? because we know they are subprime and we are not going to get the best deal and from what is out there, we want to get the best possible deal available. And that is just for a stupid credit card. Why wouldn't you place the same diligence in searching for a subprime mortgage, in most cases the largest loan you are going to take out in your life?