The crash is only indirectly based on the fact that getting a loan was joke. The real problem is the financial institution which bundle these bad loans in short

The crash is only indirectly based on the fact that getting a loan was joke. The real problem is the financial institution which bundle these bad loans in short term currency and starting selling them. It was all good while the housing market was still going up as if the loan wasn't getting paid to could just take back the house, but when it went down these short term bonds where without any value.