Mostly due to Democrat policies. I lost my house in 2008 because of Democrat screwing with Fannie Mae. It wasn't 'funny'....
The housing bubble was a bipartisan effort.
Bush encouraged it because he got to take credit for more people getting into houses.
Mr. Contract With America, Newt Gingrich, actually couldn't say enough good things about the GSEs and wanted the government to create more of them in all aspects of the economy.
The Republican Congress and Republican Senate passed the CFMA which led to the explosion in the derivatives bubble which brought the whole house down. The CFMA was enthusiastically signed by Bill Clinton.
I can back up every bit of this with a massive amount of evidence if you doubt any of this.
If you lost your house, it was because you bit off more than you could chew. You got greedy.
You see, EVERYONE was to blame for the crash. From the originators of the loans to the home buyers, and the multitude of players in between.
I saw the crash coming and sold my house in August 2006. Then I rented until after it all came crashing down. Then I bought at the bottom of the market.
I then refinanced just before the Covid crash. I came on this forum to warn everyone and to suggest they refinance.
My monthly mortgage for my house is now under $1000 a month. Even in this slow market, I have equity out the wazoo.
The only person who had faith in me when I was telling everyone the housing crash was coming was my wife. Everyone else thought I was nuts.