A recent study by the University of Pennsylvania’s Wharton School of Business asked who is responsible for the current subprime mortgage crisis that is threatening the economy. The survey was taken to clarify questions that had already been raised about the responsibility of lending institutions and government regulators. Many have wanted to know how so many borrowers could have been so foolish to go deeply in debt on highly questionable terms. This week Congress began debate on how to react, who it will punish and who it will restrict. Where were the real estate agents as millions of borrowers took on these questionable mortgages? Hundreds of thousands of mortgages were granted in the past year at low initial interest rates. Within the next year, those rates are expected to balloon and many, if not most, of those mortgages will likely face foreclosure.

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