Sort of? [ oh God, are they going to get into magical history. ] When the Severing was cast, twenty-five years ago, it cut off the realms of heaven, hell, and faerie from Earth. What's going on now is somebody messing with the fabric of the Severing for...some reason.

[ he's working on that part. ]

As for why our memories? Hell if I know. Best guess is that we all know something someone wants us to forget.