Ah, a Cassandra from 1999

TechCrunch's How The U.S. Government Engineered The Current Economic Crisis mentions a 1999 New York Times article where Peter Wallison, a resident fellow at the American Enterprise Institute, was quoted as saying:

From the perspective of many people, including me, this [the mortgage industry, which had eased requirements making it easier for people who could not traditionally qualify for loans--and who were less likely to be able to pay them back] is another thrift industry growing up around us. If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.

In other words, another bailout such as what happened in the 80s with the savings and loan industry. Look where we are now. I don't know where Peter Wallison is today, but his predictions were largely ignored.