What caused the Subprime Mortgage Crisis that Caused 2008 Financial Disaster?

[TK]

Loosening underwriting standards doesn't equate to fraudulent loan applications filled with wholly imagined "facts" about a person's occupation and his or her annual income, and it doesn't equate to "valuations" manipulated by real estate appraisers to meet whatever level that real estate brokers and mortgage originators required in order to close their deals. And in the case of sales, every sale booked at an inflated valuation ratcheted up the next round of inflated valuations becoming ever more unsustainable since it was inevitable that the Federal Reserve would eventually wake from its stupor and increase interest rates.

The many private sector individuals who and institutions that abused CRA guidelines to originate subprime, Alt-A or conventional mortgages should have been sued and/or prosecuted for their violations of federal law, but it turns out that the numbers would have been overwhelming. The violations were committed by real live people purportedly acting within CRA guidelines. That's a distinction you seem incapable of grasping, no doubt because it doesn't serve the ends of the conspiracy theory your pushing.

Out of Afghanistan in 2013!