Clearly, the focus is on the failings of underwriting and the automation and short-cutting of that step in the whole process. Caught no hint to mention of any influence of appraising or of automated valuation models for properties. Basically, folks getting approved for more loan than they can handle because they have less cash reserves to cover the hard times or sudden changes of lifestyle brought on by job loss, with too much equity borrowing and nothing-left-over. Of course, an over-valuing of the property along the way will surely be the dagger in the heart, hello, AVM or any appraiser who was swayed by the coercion. Then too, the homeowner who accepted the re-fi at $50K more value than he and she knew in their gut that their house could probably sell for tomorrow. Yes, some homeowners are accomplices in their own demise. Nothing a hungry attorney and well-shrugged shoulders can't tackle to step out of the goop. It's always the fault of someone else.