yes it is, again all you need is a trigger
this is the same as the sub-prime, the thing could have lasted another decade, but when MBS traders started to deep analyze the deplation pattern of the tranches, they started to realize the current PSA pricing model was fucked, and everything was overpriced or unjustified, so liquidity disappeared completely overnight and the bid-ask spread widened indefinitely to a bid of 0, basically meaning prices went to 0 from 100