It says all the loans were unsafe - that the housing price dropped so much making a distinction between prime and subprime loans was semantic. Your thesis might

It says all the loans were unsafe - that the housing price dropped so much making a distinction between prime and subprime loans was semantic. Your thesis might still be true if the market wouldn't have collapsed without subprime loans driving it higher, but that's not the mood I remember. We would have overshot anyway I believe.