http://www.bos.frb.org/economic/ppdp/2012/ppdp1202.pdf
Highly recommended for anyone with an interest in understanding the crisis. In summary, the fact that everyone expected that housing prices could only rise over time (in aggregate, the authors leave out but their mental model implies, not necessarily region by region) describes almost all of the reasons for the behavior and results we observed, more than corruption, dishonesty, underregulation or bad policy.
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