The driving point of the 2008 financial crisis was a change in interest rates.

In 2001, as a result of continued Fed response to a struggling economy,

interest rates fell down all the way to 1.75%. As a result, credit was an easy
item to acquire to even the least financially stable individual. So, naturally
investing in new homes gained a significant appeal to people who would not
have otherwise been able to do so. Interest rates continued to decline as a
result of this economic trend, hitting 1% in June 2003, lower than it had ever
been in the past 45 years. As a result of so many investors purchasing
homes they could not realistically afford, the debt among these individuals
began to increase at a dangerous rate. Consequentially, the banks that
could not