As the saying goes, you can’t wrestle with pigs and not get dirty. Apparently subprime lenders have amassed quite a portfolio of really stupid loans to undesirable borrowers. “No credit? Bad credit? Not a problem!”

This article has the highest “pants shitting terror” induction factor:

Reuters: Top investor sees U.S. property crash

For fun, here are a few more.

Yahoo! News: Housing mess risks recession unless Fed cuts
Yahoo! Finance: Will the subprime crisis punish housing markets?
Bloomberg: Foreclosures May Hit 1.5 Million in U.S. Housing Bust
New York Times: Crisis Looms in Market for Mortgages

It appears the mass media is coming to a consensus on a subject that always seemed fairly obvious – it’s risky to lend money to people that have no money and a proven track-record of mismanaging credit.