I actually believe that there's plenty of fault all the way around. Freddie and Fannie were/are corrupt, banks knowingly made loans to high risk clients, and the recession put many otherwise responsible homeowners out of work with no way to meet their mortgage obligations. Walking away from a commitment with the ability to still make payments is one thing, losing your job and income and having no way to pay yor mortgage is wholly different. I think we're seeing a combination of both.