The article discusses how unregulated financial markets led to a global financial crisis, with the U.S. housing market at the center. Irresponsible borrowing, greedy lending, and lax regulation caused a bubble in mortgage-backed securities to burst in 2006, leading to widespread economic devastation. The collapse exposed weaknesses in the mortgage funding system and prompted new regulations to prevent future crises. Fannie Mae and Freddie Mac, key players in the housing market, ultimately had to be taken over by the government.