That was one factor. There was no single cause, but a fragile interconnected web of factors. But yes, subprime loans were carved up and repacked in a way to ma

That was one factor. There was no single cause, but a fragile interconnected web of factors. But yes, subprime loans were carved up and repacked in a way to make them look like AAA bonds. The banks that created these bonds knew that the loans in the bonds were crap; they knowingly lied to investors about it. The ratings agencies stamped all the bonds without any due diligence. Other banks piled on more derivative products on top of those bonds, essentially gambling on whether those bonds would go bad. There was a slime-trail of fraud, laziness, and greed all the way back the original loan itself.