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its both the lenders and borrowers fault.
YES the lender should be more thorough in their approval processes but ultimately it falls on the borrower to know what your limits are. We just went through the process about 8 months ago. We were approved for probably 40% more than what we could afford. BUT being the responsible, and nervous first time home buyers, we said that was insane and borrowed what was managable.
I don't understand why people bite off more than they can chew in this situation. Sure there are the lost my job stories but that can't account for 97% of it. I blame uneducated people buying property.
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