Hey Alain,
Trust me, I understand the purpose & subprimes and all that went on relaxing the requirements very well as I do extensive personal business in mortgages (far more than I'd like really).
And while there are definitely issues needing addressed in the mortgage industry and better oversight, the buyer still has a responsibility to do their due diligence & know what they're signing. That's no different from buying a watch from ebay, a car from a dealership or a mortgage. Sales people are paid to sell - period. Sure, we hope they do what's best for the consumer, but we know that's not always the case. So the consumer has the responsibility to either 1) research & understand what they are buying or 2) accept the consequences of not. That philosophy has been around for a very long time. If you ignore #1, then you should face #2. The lenders definitely relaxed the rules too far & share blame, but you can't put all the blame on them. A consumer is responsible for making sure they can afford what they buy, and understand what they are buying - especially something as important as a house. People thought the lower monthly intro rates were a magic bullet and again, 'they were getting something for nothing'.
Again, I'm talking industry wide. while some lenders definitely did go too far & cross legal lines with fraud (several are being charged here in Ga.) not all subprime is predatory lenders. Anything less than a 680 FICO can be considered subprime by some national lenders. And a sizable percentage of the nation falls in the <680 range.
The credit card mess is a whole 'nother ball of string, and I do agree things need changed there. But I also think that's a different issue. In that case, the terms can change at any time, with barely any notice. At least your mortgage can't change outside the original terms. Sure, the rate can change, but you knew that if you bought an ARM. Credit cards aren't the same issue.
Again, all JMHO.