Houston, we have a problem … Some would say we have a crisis.

Mortgage lenders are going bankrupt, home builders are setting afire their hair, people are losing their homes through default on their mortgages, the stock market is up, down, up, down. You know the situation, also known as the "sub-prime" crisis. But apparently it's nobody's fault.

Well, maybe the Federal Reserve and Alan Greenspan have begun to admit that perhaps they primed the pump a little too much in 2004, when the cost of borrowing became so cheap, leading to the unintended consequences of today. Kudos to them for taking some heat. But for other major players who contributed to the situation we are experiencing today, the stock price of Finger Pointing Inc. seems to be at an all-time high.

We still don't know how big a problem this is, as it is still playing itself out. Two days ago, the stock market lost 387 points on reports that bad loans had found their way into overseas economies. But with what we know so far, it's safe to say that this situation is the result of naivety, herd mentality, irrational exuberance, faulty extrapolations of trends, and maybe the biggie: greed.

Surprise!

There was also some of the usual suspects of lying, cheating, dishonesty and the breaking of the law. But there was money to be made. Lots of money in some cases.

As analyses of the situation are being published, it seems that a lot of people are invoking the "it's-not-my-fault" clause. So, whose fault is it? What follows is a summary of themes I've noticed in the many articles in the Wall Street and the Main Street press I've recently read:

* Mortgage lenders: Sure, we provided mortgages to people who could not afford them, but hey, "it's not my fault!" Wall Street was practically giving me money to lend.

* Wall Street investment houses: Sure, we provided cheap money to the lenders, but with interest rates this low and our bonuses based on revenue, hey, "it's not my fault!"

* Home buyers who bought on 0 percent down: Sure, I bought a house I thought I could never afford, but hey, "it's not my fault!" The monthly rates looked great and by the time my adjustable rate mortgage would come due, interest rates can't rise that much …

Buyers who bought to "flip:" Sure, I bought six condos for the sole purpose of selling them for a profit in a year, but hey, "it's not my fault" because for the last three years, this was the way to make easy money. It was a no-brainer.

Home builders: Sure, I built new houses as fast as I could and also financed the buyers with cheap and ambiguous, back-end loaded loans, but hey, "it's not my fault!" We're a big publicly traded company and Wall Street was beating us up to increase revenue so they could show their investors great returns.

Some readers might find this column a little cynical, but hey, I'm just calling it like I see it, so, "it's not my fault."

Opinions expressed solely are those of the writer. Mike Hoban, of Crown Point, is a senior consultant for an international leadership development and training firm. Send mail to him c/o The Times, or e-mail him at business-at-large@sbcglobal.net.