I first learned what 'no doc' loans where in 2004. I worked inside a mortgage company for a while, and was a bit shocked by some of the numbers I saw. BUT...

I first learned what 'no doc' loans where in 2004. I worked inside a mortgage company for a while, and was a bit shocked by some of the numbers I saw. BUT... I don't think a housing bubble/crash was a foregone conclusion in 2003/2004, but warning signs were there and got louder over time.