In Canada high risk homebuyers and those with minimum down were required to "qualify" at an interest rate that was above the advertised to get the CMHC insurance. In the states the bankers were in charge and they were looking for more debt that they could leverage so even people with no income were given mortgages. Fanny and Freddy went along for the ride because the morons like Frank and Pelosi believed that home ownership was a right and this no money down with teaser rates would help the poor build equity. The bankers must have been laughing all the way to the bank with the three stooges running the government.