The Defensive Decision-Making of the Housing Bubble

In terms of the underlying assets, the homes themselves, I'm not sure defensive decision-making applies. A number of external changes that banks were not lending money and then keeping the contract but selling it immediately. So a lot of changes in the world that enable banks to make big, quick profit if a ninnia bought something and then it was no longer their problem. Those things are all true, but the key ingredient was very optimistic beliefs about house prices.