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The more read about this the more you just shake your head. Banks, units of government, lenders, everyone involved just didn't understand what they were involved in. This story of Maricopa, AZ in today's NY Times just blows me away. The most amazing fact is how many of the loans were sub-prime. I thought of subprime loans being more rampant within urban, city areas, but some of the facts presented in this article about the number and types of loans people were taking out in newly developing exurb areas was amazing. And the unsustainability of it all, and the dislocated social mileus that were created really make one think seriously about a societal mindset that can undertake such projects. It will be very interesting to see how this continues to play out.

Link to Story