While the United states Armed Forces (private mercenaries) are in Afghanistan and the Philippines defending “all freedom-loving people everywhere in the world,” the Open Market Committee of the privately owned Federal Reserve System of (central) Banks lowers its target for the Federal Funds Rate (the interest rate that commercial banks charge each other to maintain their fractional reserve requirements) for the eleventh time in the last eighteen months.  The FFR has fallen from 6.5% to 1.75%.  This brings about an atmosphere of loose credit, enabling the granting of mortgages to riskier applicants who might not have otherwise qualified.

       [restored 7/2/2023]

Subprime crisis impact timeline – Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Subprime_crisis_impact_timeline