The subprime crisis in mortgage lending and the resulting wave of foreclosures have been hitting cities and communities all over the United States. First, Dan Immergluck argues that there are three main elements in the financial crisis: (1) the vertical disintegration of the mortgage market and the related securitization; (2) financial deregulation; and (3) the burgeoning supply of high–risk capital. Second, Manuel Aalbers counters the view that the Community Reinvestment Act (CRA) and the associated community reinvestment movement can be blamed for the subprime mortgage crisis. He lists five reasons why the CRA is not guilty. Third and finally, Peter Marcuse sees the subprime crisis as a result of the underlying economic system. He argues that the private sector should not be viewed as the appropriate means of providing housing. He discusses a number of proposals that impact on the crisis and its roots.