Readers suggested the topic of housing bubble accountability. "What do the bloggers here think of this topic: Accountability: How do we ensure it in the housing bubble’s bursting? Civil lawsuits? Criminal lawsuits? Tarring & feathering or other community direct action?"

"Those are the only ones that I can come up with, what are some other ideas. When I say accountability, there could be different levels. Garden variety FB. Flipper with 20 homes. Public figures in the REIC. Garden Variety RE agents & brokers. Scuzzy mortgage brokers. How will the responsible end of the community ensure that the deserving shame follows these people and the endure the consequences of their prior actions?"

A reply, "I’ve been very vocal about my stance; no lawsuits/personal accountability. Unfortunately, that means the scuzzy mortgage / appraisal folk are spared. However, their payback should be job loss (and for many, it will be - even the ethical ones if they exist)."

"Look, the information is out there for buyers/owners. To go into it half educated is just stupid. But no one’s fault but your own. I feel sorry for people who lose their jobs and then lose their homes because of it. People lose jobs every day and survive, myself included a few years back. I feel sorry for those on fixed incomes who see their tax bill overbloated due to this ridiculous housing mania."

"I do not feel sorry for anyone who put all their financial planning/goals/dreams into their house. That’s not what a house is for."

Another said. "The old common sense about 5-7+ years to make it worth it is gone. I live in a semi-bubbly area (50% in 5 years). I know one example first hand. Single guy, friend of mine, bought at $125k house on a $30k salary. Plans to stay there only two years. I asked him why he bought, and he said 'I think housing is a good investment' and 'I’m tired of throwing away money on rent.' Now he’s complaining about how expensive it is while I rent dirt cheap."

The Denver Post. "Monique Armijo and her husband, Anthony, are among the many Colorado residents who managed to acquire a house without a down payment, only to see it foreclosed on a year or two later. Anthony met a real estate agent who assured the couple that shaky credit and lack of cash for a down payment were no longer barriers to homeownership. They ended up signing a loan that required them to pay off a $44,000 second mortgage in 14 months."

"Buyers often compound their risk by combining 100 percent financing packages with interest-only loans, adjustable-rate loans that allow the borrower's debt to grow rather than decline and loans that require no proof of income."

"Aggressive lending practices and poor consumer education also play a role, consumer advocates say. 'Seventy percent of the people who come in here got the wrong loan,' said councelor Zachary Urban."

"Lenders say they're simply meeting customer demand for less restrictive loans. 'There are very few people who have 5 or 10 or 20 percent cash to put down. Or if they do, who want to,' said Colorado Mortgage Lenders Association president Chris Holbert. 'If you want 100 percent financing, and you qualify, can they turn you down because it's not a good idea?'"

"High-risk loans such as option-ARMs, were introduced by savings-and-loan associations in the 1980s to serve high-income borrowers. Only recently have they spread to less creditworthy consumers. Mainstream lenders and mortgage brokers say they've had to offer all of the alternative loans, at competitive terms, or risk losing business."

"'If we don't do it, they will go down the street,' said mortgage broker Mike Thomas in Aurora."

"The next wave of defaults may come from option-ARMs, experts say. Louis and India Harts of east Park Hill refinanced last year into an option-ARM with a low teaser rate of 2.6 percent that quickly shot up. They're making a minimal monthly payment of $919 on the $180,000 loan, but that doesn't even cover the interest. Since March 2005, the principal has grown to more than $183,000."

"The interest rate is now 8.1 percent, and according to their loan documents, can go as high as 9.95 percent. When the principal hits 115 percent of the original loan in a few years, the bank will force them to begin paying it off. 'I don't know how we're going to do it,' said Louis, a retired worker for Public Service Co. of Colorado."

"The loan has a 'prepayment penalty' clause, making it difficult to sell or refinance during the first three years. When they called the lender, Countrywide Home Loans, they learned it would cost $11,000 to get out of the loan."

"The Hartses blame their mortgage broker, Team Lending Concepts in Greenwood Village, for putting them into a loan they didn't understand, though they admit they signed papers spelling out the terms. Team Lending president Jeff Lowrey said the loan was the best option for the Hartses because it guarantees a low payment for four to five years until they refinance again."

"'That type of minimum- payment option definitely helps those kinds of people,' Lowrey said. 'We minimized their payment so they could afford things like medical expenses and gas.' Team Lending collected $3,900 in fees at closing and $4,200 more from the mortgage company for originating the loan. "

"'We are just starting to hear about ARMs,' said Adams County trustee Jeannie Reeser. 'That is what is going to drive foreclosures next year.'"