Causes
2.1 Boom and bust in the housing market
2.2 Homeowner speculation
2.3 High-risk mortgage loans and lending/borrowing practices
2.4 Mortgage fraud and predatory lending
2.5 Securitization practices
2.6 Inaccurate credit ratings
2.7 Governmental policies
2.7.1 Decreased regulation of financial institutions
2.7.2 Policies to promote affordable housing
2.7.2.1 Community Reinvestment Act
2.7.3 State and local governmental programs
2.7.4 Mark-to-market accounting rule
2.8 Role of Fannie Mae and Freddie Mac
2.9 Policies of central banks
2.10 Financial institution debt levels and incentives
2.11 Credit default swaps
2.12 Globalization, technology and the trade deficit
2.13 Boom and collapse of the shadow banking system