The US - banksters and politicans - did cook up the real estate loan fraud game as well as other banking gimmicks that European banksters and politicans should have rejected as unethical, losing scams.
When you see a bank robber and decide to join him, you are guilty right along with him. We may have offered the criminal genious, but Europe drove the getaway car.
The “US banksters and politicians” themselves got the idea from the European ones. Expecting Europeans that are dedicated to the “social market economy” to reject their own “unethical, losing scams” would be remarkable. The real trick behind it all was when the European Central Bank pulled the rug out from under everything with their interest rate increases.