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The article “Prime cause of the sub-prime crisis” (Business Line, May 14) made interesting reading. The question why the home resale value fell so sharply, remains. How was it that the sub-prime borrowers got hooked on to adjustable rate mortgage. Was it deliberate? Mr Alan Greenspan never highlighted the short-term rate being higher than the long-term rate during his tenure.

The American economy thrived on debt culture. Why has this backfired at this juncture. Every family needs a roof over their head. With such large-scale foreclosures, what will be the future? Can somebody explain?

Samir Sengupta e-mail

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