Here is my list [it is not in any particuar order]:
- Greenspan & The Feds for the cheap money supply (low interest rates, for too long)
- Parts of the Real Estate Industrial Complex for cheer leading the housing bubble (David Lereah, Gary Watts etc.)
- Irresponsible & crooked lenders for lending to people who can't afford it.
- Appraisers over inflating housing unit values.
- Speculators & Flippers ( for being greedy and fueling this mania)
- Some home buyers (non flippers & speculators) for buying beyond their means and being ill informed.
- Parts of the Media for not informing the public about this issue sooner (finally they are communicating this)
- Fannie Mae & Freddie Mac for bundling up risky loans
- Asian Central Banks & others for buying all these risky bundled loans
- Others ( yet to be determined, please discuss)