The conversation between human and AI assistant.
Why did the 2008 financial crisis occur?
Why did the housing market collapse?
The housing market collapsed due to several reasons, including the issuance of subprime mortgages, which were made to people with low credit scores and who were unable to pay their loans back. There was also a general lack of oversight and regulation, which allowed the subprime mortgage market to continue to grow, despite its instability.