Researchers, policymakers, and the public have tried to identify the factors that explained these defaults. The attention intensified in 2007, when defaults on subprime loans began to skyrocket. Subprime mortgages have been getting a lot of attention in the United States since 2000, when the number of subprime loans being originated and refinanced shot up rapidly.

The subprime crisis was building for years before showing any signs and was fed by lending, securitization, leveraging, and housing booms. Nor were its causes unlike other crises of the past.

Empirical research shows that the causes of the subprime mortgage crisis and its magnitude were more complicated than mortgage interest rate resets, declining underwriting standards, or declining home values. On close inspection many of the most popular explanations for the subprime crisis turn out to be myths. The subprime crisis was building for years before showing any signs and was fed by lending, securitization, leveraging, and housing booms,” she writes. “On close inspection many of the most popular explanations for the subprime crisis turn out to be myths. Account icon An icon in the shape of a person's head and shoulders.

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