Crashed the real estate market by making every loser who ever wanted a house, be able to get a mortgage for that house, and years later, as the junk mortgages were passed from bank to bank, eventually the Too Big To Fail banks were bailed out in an epic theft of money from taxpayers in order to keep the elite’s big bank buddies from taking the financial hit, but giving the full hit to us, making many areas of the country have much lower property values which put many homeowners with mortgages in the position of owing more for their houses than they were worth, thus collapsing the housing market for years and it still has not fully recovered.
It’s late...sorry for the poor wording.
I know someone who ranted to me DAILY about the liar/NINJA loans and the effects those were having on the entire banking industry.