Its all about residual income streams. Get borrowers on the hook with security interest to the property, package and flip $10M bundles. These mortgages made many people wealthy but once the defaults started and now the security interest is suspect... A whole world of hurt is inevitable. Whose going to buy this junk? Many people bought and flipped houses rolling their equity keeping their note small. BTW: I believe SC is a non recourse state... The property is all the bank would be entitled to provided the paperwork is in order.