Lending During Deleveraging/Deflation

[Archie Vallatini]

I was an adolescent during the 08 housing crisis, unaware of what was happening in the housing market. From what I understand, lenders were lax with their lending standards. Lending to individuals with little potential to make payments on their mortgage. Defaults ensued, leading to foreclosures. Home prices fell because there was scarce demand from buyers and an oversupply of inventory. To avoid further loses, lenders curtailed their lending. A lack of liquidity also pushed prices lower. (At any point where I am wrong with my half-baked summary please correct me). 

How does one obtain leverage when the market is in a deleveraging environment?

Anybody with experience lending and/or borrowing during the 08 housing crisis? Or the time period shortly after that?