House builders (Participants, victims)
Role: building and selling houses
Fault: prompting consumers to buy real estate that they couldn’t afford, at inflated values, thus created the housing bubble.
Result: Recession in the real estate market after bubble burst
Representative：Beazer Homes USA
Person：CEO Ian McCarthy
House buyers（Participants, victims）
Role: house buying
Fault：allowing themselves to be misled into excessive consumption; some speculated through house buying with sub-loans.
Representative：Malicious defaulter
End: lost the ownership of their mortgaged homes and suffered economic loss caused by the financial crisis.
Mortgage brokers (Participants，propellants）
Role: agency between house buyer and mortgage lender
Fault：prompting people to buy houses to make intermediary costs; no responsibility when the bubble bursts; this field is easy to enter and the potential profit is huge; efficient management is absent.
End：squeezed by the shrink of real estate market and credit market, but not punished seriously.
Mortgage lenders and banks（Participants, victims）
Role: making loans to house buyers, “bundling” the loans and selling them to other financial institutions.
Fault: making sub-loans without exercising due care, and abusing financial leverage to finance through commercial banks.
Representative：Countrywide Financial
End: purchased by the Bank of America on the eve of the second round of the subprime lending crisis.
Person: Former CEO Angelo Mozilo（turned Countrywide Financial to the biggest mortgage lender in America through drastic expansion of subprime lending, now criticized for changing “American dream” into “American nightmare.”）
Representative: New Century Financial
End: filed for bankruptcy protection during the first round of subprime lending crisis People: founder and former CEO Brad Morrice, present CEO Holly Etlin（former Chief Restructuring Officer of Brad Morrice）
Representative: ACC Capital Holdings
End: Its businesses in wholesale mortgage and mortgage service were purchased by Citigroup in 2007; its retail mortgage service gradually ceased.
Person: Roland Arnall, owner of ACC Capital Holdings（the disseminator of high-risk credit, died of cancer in March 2008）
