Here is the sub prime mortgage scandal explained on the CBS news channel programme, "60 minutes". I think it explains the situation very well. Its entitled House of Cards http://www.cbsnews.com/sections/i_video/main500251.shtml?id=3756665n
Thanks pretty good segment; what a mess...and a whole lot of deniability for who's actually responsible... (Borrowers in my opinion.) 1200 sqft 350k????