The Washington Post offers a three-part analysis of the mortgage crisis.
An excerpt: "Some brokers ignored the balance. Connelly began to hear about loan officers who charged low-income borrowers fees of as much as 5 percent of the loan or got a kickback by tacking extra percentage points to the interest rate on a mortgage. "Many borrowers are overwhelmed by the sheer volume of paperwork, disclosures, etc., and they're just not equipped to fully understand," he said. "There were half-truths and downright lies and severe omissions."
A mortgage lender could hire practically anybody. "It's not rocket science," Connelly would tell new hires, such as the busboy who quickly traded in his Toyota Tercel (value: $1,000) for a Mazda Miata sports car (value: $25,000). Pinnacle was running out of office space, forcing some loan officers to work on window ledges or out of their cars."