What, you expect the Fed to give an honest appraisal of the cause?
You're dumber than dirt.
My sister was in the real estate business at the time. I asked her why she wasn't making lots of money selling those troubled properties.
She said that to get decent listings, you had to accept the dogs; unsalable properties in the worst areas of the city. She said that people on welfare had been buying homes and condos.Illegal immigrants were buying homes with "no-ask" unverified income mortgages.
That bid up the price of housing in highly questionable areas to silly values.
So of course the whole house of cards collapsed when irresponsible people with poor personal behavior were unable to make payments. Illegal immigrants had little stake in their credit ratings, so they often just walked away from their homes that had negative equity.