Barely There

From a couple weeks ago:

Now we have Sub Prime Mortgage Meltdown:
Just last March 15th BusinessWeek:
Bear Stearns Shrugs Off Subprime Worries:

The Wall Street firm overcame weakness in its mortgage biz thanks to its strength in fixed-income"

Now this:
Subprime Uncertainty Fans Out - WSJ.com:
"Subprime Uncertainty Fans Out
Bear's Hedge Funds
Are Basically Worthless;
More Bond Fire Sales
By KATE KELLY , SERENA NG and MICHAEL HUDSON
July 18, 2007;
Investors in two troubled Bear Stearns Cos. hedge funds that made big bets on subprime mortgages have been practically wiped out, the Wall Street firm said yesterday, in more evidence of the turmoil in this corner of the bond market.

Bear said one of its funds was worth nothing and another worth less than a 10th of its value from a few months ago after its subprime trades went bad, according to a letter Bear circulated and to people briefed by the firm. The Wall Street investment bank -- known for its bond-trading savvy -- has had to put up $1.6 billion in rescue financing"

Four short months from "no problem" to "whoopsie"

Congressional investigations?
Don't bet on it.
Congress wanted lenders to open markets to those who couldn't afford to borrow, therefore, to some extent, this was a congressional mandate to make bad loans.