While the first view is a natural starting point, I will argue that it must be augmented with the second view if one wants to fully understand the dynamics of overheating episodes in credit markets.
After the 2001 recession, huge worldwide savings and low interest rates led to a "search for yield" of investors. The U.S.A. was regarded as an attractive place for investments. The emergence of securitized assets rendered the distribution of yield (and risks) across borders possible.