The underlying causes of the 2008-10 housing bubble are complex. Factors include tax policy, historically low interest rates, lax lending standards, failure of regulatory over-site, combined with speculation that resembled casino gambling. 

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The construction industry, the domain of blue-collar workers, and the first-time buyer housing market, collapsed under the weight of predatory, high-risk bank loans. Leaving a segment of the population in a state of high unemployment and homelessness as the lending sources began several years of repossession The federal government moved to support financial institutions and lending agencies in hopes of keeping some owners in their homes. 

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The Bank Owned flag is made with construction materials typically used in home building: engineered plywood nails and screws and wax is used to show paint. The black stripes are cut from roofing felt and hammered in place with roofing nails that alternate with foreclosure notices from local newspapers. The flag is dramatically cut and angled to communicate the deconstruction of people’s lives. All are mounted on a saturated red flag with various dangling keys recovered from repossessed homes.  

The crash was not confined to any one American geographical region. Each of the fifty states is represented by the corresponding commemorative state coin screwed to the field with drywall screws.