I've always been a little suspicious of the blame being laid at the feet of home owners in foreclosure for the current global financial crisis. I could never see how an uptick, be it a large one, in foreclosures in the U.S. could bring about such a profound global collapse.
The blame being heaped on the poor is much like when the Republican were so quick to blame the American Auto Industry's decline on Unions. Never mind that Nissan just announced a cut of 20,000 or Toyota announced it first losses in decades, it's the union's fault.
I believe the most likely culprits are exotic derivatives, which you think we might have learned some important lessons when a single man brought down a centuries old bank, and the flight of institutional investor from the oil futures markets as talk of investigations and regulations were swirling around last summer. Which brought about a collapse in oil prices and financial institutions balance sheets.