For anyone who really knows whats the deal with this down turn in real estate?

Im a loan officer who began this career 6mths ago. It seems I started when the housing market really started to go south. my predecessors where closing 10-12 loans a month with ease where im literally closing 1 a month with great struggle and frustration. My knowledge of loans and mortgages increases day by day but its really difficult for me to figure out why it really started going south and why over this past weekend half my lenders either closed shop or are asking for fulldoc owner occupied only, or they are asking for 10%-15%dp when 4 days ago i could get 100% finance under the same senario. as time went on i assumed the cause was the borrowers not making payments therefore the mortgage companies would start dieing out. my boss told me in the recent past a lot of mortgage companies provided programs that gave out loans too easily to people who would be a major risk. so for the greatly learned out there what is the cause of it all and what would be the slow nationwide solution(s)

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