- Mortgage brokers who failed to validate incomes through asking the right questions among other things
- Borrowers who lied in their applications
- Securitizers who combined individual mortgage loans into bundles and the subsequent collateralization of mortgage obligation
- Rating agencies who gave higher rating to the collateralized mortgage obligation
- Investors who purchased investment without due diligence.
Gilbert, J. (2011, Spring). Moral Duties in Business and Their Societal Impacts: The Case of the Subprime Lending Mess. Business & Society Review, 116(1), 87-107. http://dx.doi.org/10.1111/j.1467-8594.2011.00378.x.