Who is responsible for the real estate meltdown?

Researchers with the Federal Reserve Bank of New York found that investors who used low-downpayment, subprime credit to purchase multiple residential properties helped inflate home prices and are largely to blame for the recession. The researchers said their findings focused on an “undocumented” dimension of the housing market crisis that had been previously overlooked as officials focused on how to contain the financial crisis, not what caused it. Read the rest of the story here
http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=268613

IMHO investors are not the reason but the relaxed government loan programs along with the relaxation of the Casey - Stegal act back in the 90's.

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