Detailed Instructions: This task is about reading the given passage and construct a question about the information present in the passage. Construct a question in such a way that (i) it is unambiguous, (ii) it is answerable from the passage, (iii) its answer is unique (iv) its answer is a continuous text span from the paragraph. Avoid creating questions that (i) can be answered correctly without actually understanding the paragraph and (ii) uses same words or phrases given in the passage.
Q: Countering Krugman, Peter J. Wallison wrote: "It is not true that every bubbleeven a large bubblehas the potential to cause a financial crisis when it deflates." Wallison notes that other developed countries had "large bubbles during the 19972007 period" but "the losses associated with mortgage delinquencies and defaults when these bubbles deflated were far lower than the losses suffered in the United States when the 19972007 [bubble] deflated." According to Wallison, the reason the U.S. residential housing bubble (as opposed to other types of bubbles) led to financial crisis was that it was supported by a huge number of substandard loans generally with low or no downpayments.
A:
Peter J. Wallison believes that the huge number of these loans led to the financial crisis?