Here is an article from The Consumerist. It's a classic example of how we have screwed ourselves into the credit crisis.

The New York Times has an article that tells the unfortunate tale of Diane McLeod and her love affair with debt. She started out "debt free" when she got married, but after a divorce she'd managed to accrue $25,000 in credit card debt. Despite not having a down payment or any assets, Diane was given a $135,000 mortgage. Over the next few years, illness, underemployment, and shockingly irresponsible spending combined disastrously with the bank's willingness to refinance her loan as her home appreciated (for a fee, of course). 5 years later, Diane owes $237,000 on her mortgage. She's in foreclosure now, and a recent sheriff's auction of the home did not draw a single bidder. A similar house down the street recently sold for $84,000 less than she owes on her home.
The NYT says there is a bright spot at the end of the tunnel for Diane. She's still getting credit card offers from "Urban Bank."

I blame the banks and executives for being greedy. But! I also blame people like Diane for being morons. This complete lack of responsibility is her own fault.