I watched that play out during the housing bubble and bust. Billions of dollars of equity evaporated and millions of people went underwater on their mortgages, The federal reserve secretly printed billions of dollars by directly buying mortgage back securities. This was a completely novel way of money creation. It did help to stem the tide of asset liquidation in price crash. For as bad as the housing bust was it would have been far worse if the federal reserve had not done that. Of course over the last three years they used that same power during the pandemic to inflate a new housing bubble, buying mortgage back securities and putting interest rate down below 3%. Now with mortgage rates north of 5% the air is slowly deflating out of the bubble that they inflated.