It was an article in the San Antonio Express-News this past week by financial expert Scott Burns. The title was How History Is Likely To See Our Financial Crisis. Here are the main causes of the crisis which are elaborated on in the article:
1. The institutional reduction of lending standards forced by the Community Reinvestment Act.
2. The Taxpayer Relief Act of 1997, which made homeownership the best tax-free investment in America.
3. The 9/11 terrorist attack, which resulted in artificially low interest rates.
4. "Innovation" in mortgages to comply with the CRA -- innovation that also happened to be immensely profitable to everyone in the home finance food chain.