The housing market crash of 2008 was a result of a perfect storm of factors. One major factor was the increase in risky lending practices, such as adjustable-rate mortgages and loosened underwriting standards. This led to a large number of people being approved for mortgages they couldn't afford.

Another factor was the high levels of speculation in the housing market. Many investors, both large and small, bought properties with the expectation that prices would continue to rise. This created a bubble in the housing market, which eventually burst.

The crash had a ripple effect throughout the economy, leading to a recession and widespread job loss. Many homeowners were left owing more on their mortgages than their homes were worth, leading to a wave of foreclosures.

In the wake of the crash, lending standards have tightened significantly and the government passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, which brought in a number of regulations to safeguard the financial system. The act created new government agencies such as the Consumer Financial Protection Bureau (CFPB) which oversees the financial industry and enforces rules that protect consumers. It also established new rules for mortgage lending, such as the Qualified Mortgage (QM) rule which requires lenders to ensure that borrowers can afford their loans, and the Ability-to-Repay (ATR) rule which requires lenders to verify a borrower's income and assets.

Furthermore, government agencies like Fannie Mae and Freddie Mac have implemented new measures to promote stability in the housing market, such as the Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP) which help struggling homeowners to refinance or modify their mortgages.

Overall, the increased lending standards and stricter regulations in place today, such as the Dodd-Frank Act, mean that we are much safer from another housing bubble. However, it's important to note that the housing market is always subject to fluctuations, and it's important to be aware of potential risks.

In conclusion, the housing crash of 2008 was a tragic event that had a significant impact on the economy, but thanks to the changes that have been made, such as the Dodd-Frank Act, the chances of another housing bubble are much lower. As a mortgage company owner, it's important to stay informed about any changes or potential risks in the market, and to always make sure that your clients are getting the best possible loans for their needs.