I really find it hard to believe that people became more greedy, more evil, and more shortsighted.
1) there was a global capital glut chasing returns.
2) stability and growth in the US economy, made investing in US property (through mortgage backed securities.)
3) this additional capital was enough to prime the bubble and drive up home prices faster than the general price level.
4) a combination of economic and political factors in the US led to the growth of 'affordability product' -- subprime loans -- which kept the bubble inflating.
1) there was a global capital glut chasing returns. 2) stability and growth in the US economy, made investing in US property (through mortgage backed securities.) 3) this additional capital was enough to prime the bubble and drive up home prices faster than the general price level. 4) a combination of economic and political factors in the US led to the growth of 'affordability product' -- subprime loans -- which kept the bubble inflating.
No extra evil, no extra greed.