It is banks that created subprime mortgage securities. It is banks that mispriced them. And it is banks that filled their own coffers with this toxic paper, losing hundreds of billions of dollars.
Sebastian Mallaby on Banks
9 April 2008
13 February 2008
In the shift to the new equilibrium there was some mild overshooting, especially due to the subprime over expansion, but fundamentally there was no housing bubble.
Marginal Revolution on Housing Bubble