In principle, this would take pressure off central banks to shrink their balance sheets from the current high levels and simply rely on raising the interest rate on reserves to tighten monetary policy.
As a result, larger segments of the population obtained mortgage financing, and credit generally was more easily available. But the promised benefits of financial risk management turned out to be illusory. Risk did not disappear, indeed in many cases it was magnified. And the process of deregulation led to a huge increase in private indebtedness and an accumulation of financial imbalances.