What was the mortgage crisis of 2008-2009?

Could student debt have caused the mortgage crisis of 2008?

• Has anyone made that argument that I can cite in the speech I have to give about college tuition for my public speaking class? As I understand it, usually, a standard mortgage payment is always certain % of the cost of the house every month, and it takes around 30 years for people to pay off their mortgages at a steady rate. However, ARMs (adjusted rate mortgages) are usually offered to people who haven't found a steady job yet, but anticipate earning a higher salary in the future. What caused the 2008 crisis was that ARMs were too low, and people couldn't pay the higher price after the first few years of extremely cheap payments. Doesn't it make sense that real estate agents offering people these extremely low ARMs were likely targeting recent college graduates in massive debt? Who hadn't found steady jobs yet, but anticipated finding one in the near future? I'm trying to partially blame the mortgage crisis on high college tuition costs in America. Does my argument make sense? Thanks

• Answer:

  How could you be so sure that the adjusted ARM was because of the students?.You might also add AIG,Lehman etc to your equation to support your argument.But in fact it was likely to be a fake demand which has caused the ARM to adjust.