The loans:

1) Increased demand.

2) Increased what the market could bear.

The result is Economic 101. There are no surprises here.

p.s. Note: Roughly the same applies to mortgages. The idea that more affordable mortgages (i.e., 30 yr) was going to make homes more affordable, is comical at best. With a relatively fixed supply, increasing demand is only going to have one effect on price. And the solution? The 40 yr or 50 yr mortgage.

Round and round we go.