2008 wasn't fund managers deciding all together in unison to buy bad mortgages. It was AAA ratings on diversified MBS that should have been rated much lower giving them cover to load up.
[1] https://www.wsj.com/livecoverage/stock-market-today-dow-sp-5...
[2] https://www.tradingview.com/news/seekingalpha:173ffc32a094b:...
[3] https://www.cnbc.com/2026/10/15/coreweave-credit-default-swa...
You can't really rip off bond-holders when you are not positive EBIT and EBITDA...