It’s not over, folks. There’s plenty of pain left to come for homeowners and investors already battered and bruised by the subprime-mortgage meltdown.

Consider that analyst Mike Mayo of Deutsche Bank predicted Monday that worldwide losses from bad subprime-mortgage loans will reach as much as $400 billion. To date, reported losses are less than a quarter of that total. And market strategist Ed Yardeni on Monday doubled the odds of recession in 2008, to 30%.

But even if we don’t know when it will end, we’re getting a much better idea of whom to blame. It’s a collection of regulators, Wall Street titans and too-smart number crunchers who were supposed to be providing adult supervision. Instead, they chose either to enrich themselves or to look away as others did.

Michael Brush of MSNMoney gives us a rundown of the worst offenders by naming some of the villains in a credit crunch built on irresponsible subprime lending in the United States. – Full Story