"During the great housing bubble and bust, journalists spent a fair amount of time searching for the perfect mortgage victim. This victim would be someone who played by the rules, took a conservative approach to his finances and simply wanted a decent place to live. He made his monthly payments on time, right up to the day that the bank informed him that his payments would balloon because of a fine-print technicality that no borrower could have understood. Just like that, the homeowner was facing foreclosure.
By and large, these searches failed. The stories of the housing bust tended to be more complicated. Many borrowers stretched to buy homes, figuring that they would be making more money soon enough or that housing prices would keep going up. In Southern California, one homeowner told me he was well aware that his monthly payments would eventually balloon. He thought everything would work out, though, because he assumed that ever-rising home values would allow him to refinance. Much of the country shared this belief.
Banks, mortgage brokers and real-estate agents were only too happy to encourage these fantasies, of course. In many cases, their encouragement crossed the line into malfeasance. But the bubble grew as large as it did because this malfeasance fed on human frailty, naïveté and even irresponsibility. “
The New York Times Magazine, article "Buyer Be Aware" by David Leonhardt published 14 August 2010.
So if this is the story reporters discovered, why does the story about the blameless victim persist? It’s so much easier to spin the fable - editors at news outlets don’t want to hear that the story they’ve cooked up in their minds doesn’t exist.
Take it from me - most Americans are fat, dumb and lazy. How many believe that the sun revolves around the earth? Evolution is a lie? Sadaam Hussein was responsible for 9-11?