I am sorry lenders didn’t need to securitize then create endless derivatives of fraudulently rated mortage backed securities. The teaser rates and associated ratings by the rating agencies was a paid for fruad on investors and created the mortgage meltdown. This behavior allowed banks to get A ratings on tranched securities holding C and D paper. Sure there are many factors including greed and the lure of piggy bank homes for consumers. However the banks and ratings agencies are the only directly responsible criminals in the mix of the mortgage meltdown. The consumers were rubes of banks, mortgage brokers and realtors all profiting of the “homes prices never go down and you can refinance anytime you need to, LIE”. All of these professionals were complicit and knew what they were doing was full of lies and deceit!!!!