“Maybe many average Americans have unfortunately become “subprime” (mostly due to economic circumstances beyond their control like stagnant middle class wages and job insecurity) and that’s why, even post-crisis, so many subprime consumer loans are still being made and our government is leading efforts to weaken mortgage lending standards once again? The typical middle class family has 21 days of their income saved in cash reserves, if they lose their job? If this is right, how in the world can anyone think these families can responsibly take on the burden of a home and a mortgage? Some economists have referred to this as our government’s policy being, “let them eat credit.”” Mike Perry, former Chairman and CEO, IndyMac Bank