Here's a good quote from the article:
We get home owners coming to us in trouble, but then we look and see they have only make $50,000 a year and yet they own an Escalade," he said, referring to a Cadillac sport utility vehicle that sells for about $55,000. "And you have to ask them 'What on earth were you thinking?'
Here's one of those home owners in a snippit from a WSJ article back when the subprime thing started:
A koi pond, a 12/18 mpg Navigator, and a shrinking income. Oi.