Because the bond funding of subprime mortgages collapsed, lenders stopped making subprime and other nonprime risky mortgages. (federalreservehistory.org)
The securitization market for non-conforming mortgages collapsed. (newyorkfed.org)
After a market slide of more than 50 %, investors again pushed the Shiller multiple beyond 24 during the housing bubble and cash - out financing free - for - all that ended in the recent mortgage collapse. (hussmanfunds.com)