The aim of this paper is to explain the role of structured products, particularly CDOs (Collateralized Debt Obligation) and its modifications to the rise of the international financial crisis since 2008. In that year, a large investment group Lehman Brothers went bankrupt, which rocked the global capital markets, and subsequently a negative sentiment about the quality of loan portfolios was extended, especially of mortgage banks in the US, which by means called moral hazard, increased the value of mortgage loans. The capital guarantee of the largest mortgage banks and insufficient control of federal authorities resulted in the uncontrolled growth of unsecured mortgages and growth of CDO emissions that were linked to these loans. Granted state aid supplies needed liquidity to the banks through emergency programs.