Yale professor Douglas W. Rae takes a look at the system behind sub-prime mortgages and goes through how the mechanics allowed the whole thing to happen. There is only a cursory mention of government involvement and a mere hint at the government mandate (related to the CRA). Nor does the conclusion offered by a student that more regulation is the answer, address the government's role in the whole mess. But the rest of the mechanics provide a valuable lesson in what happened.
