A friend at Morgan Stanley recommended this article written in March at the New York Times. It briefly discusses some of the problems caused by unregulated leveraged buying of mortgages. Basically, this is how the conservatives screwed up:

NY Times

Another article that has been widely discussed, from the Washington Post, explores how the liberals screwed up, by pushing banks into giving home loans to the underprivileged:

Washington Post

Plenty of blame to go around…