"You really do not know do you..." Exactly, YOU do not KNOW.  

Sub-prime mortgages had been a problem since at least the first Bush administration. It had been controlled by policies that required extensive documentation and selection of people who really, really wanted to live in the mortgaged assett. Bush 43 expanded the program by reducing the requirements,  especially documentation and period of residency. It took four years of speculation for investers to recognise that residential real estate was risky and or to labor intensive for them.

With those changes, specuation on housing expanded, people buying 'investment' houses as fast as they coould process the paperwork, reduced by Bush. Inevitably, the market peaked and prices fell, those spec houses were underwater mortgage wise. The chart below approximates the issue. Not that it takes 10+ years for the market to recover to pre-2007 levels. Those speculating on quick profitable flips faced a choice- rent with a mortgage prohibiting that, or reduce the continuing loss of ownerchip.

Mortgages and derivatives are a substantial part of investment portfolios and are usually leveraged. A drop in the value of the basic asset class requires investments, other assets and/or cash to maintain positions in borrowing.

Bush 43's signature on the American Dream Downpayment program expanded the subprime market substantially, so the the fall in prices initiated a cash and credit crisis in the banks. 

I have never read such Bull Shit about jobs overseas.  The goverment minimum wages have very little to do with it.  It all about taxes and regulations.

Only you mentioned minimum wage as a factor, I did not. 

The good little Triumpist that you are, you are against protecting workers, job safety, aren't you?