This home mortgage crisis is not caused by the interest rates. The root cause is the sub prime lending. Subprime lending can be simply described as lending at a higher rate of interest than normal rate of interest,on loans to people with poor credit history or paying capacity. So basically you are lending money at a higher rate of interest to a person who might not have the capacity to pay you back.
Right now, with all of the economic turmoil happening, it is no surprise that people are increasingly worried about their financial situations and It is high time for people to find a way to be free from the high mortgage payment.