In 1998 the Finance Industry wanted the Glass-Steagall Act gone. It needed modernising but it included sensible regulations. For a mortgage you could only borrow four times income and 90% of value of property.
They owned enough of Congress to get it repealed and then went on an orgy of moronic lending which gave the planet the Financial Crisis 2008 and the EU and China had to bail America out. No repayments to date!
On the bright side that idiocy made me a multi-millionaire.