List of Tables

Table 2.1 Homes Are an Important Component of

Household Wealth, Especially for Lower-Income Families (2004) 15

Table 3.1 Subprime's Importance for Home Mortgage

Originations (1994-Q3 2008) 48

Table 3.2 Mortgage Originations by Product

(2001-Q3 2008) 52

Table 3.3 Growth of Hybrids in Home Mortgage

Originations (1999-2007) 56

Table 3.4 Net Homeownership Gain or Loss Due to Subprime Mortgage Lending: Center for Responsible Lending (CRL) Calculations vs. Calculations Based on LoanPerformance (LP) Data 59

Table 3.5 Subprime Exposure of Selected Monoline

Insurers (Selected Years, US$ Millions) 63

Table 3.6 Real Returns on Stocks, Bonds, and Homes 69

Table 3.7 Subprime Loans, Known to Be Risky, Accounted for Many Foreclosures (September 2008) 93

Table 3.8 The Fallout from the Subprime Mortgage

Market in Historical Perspective 97

Table 4.1 Estimates of Losses from the Crisis in Mortgage and Credit Markets

(June 30, 2007-October 7, 2008) 104

Table 4.2 Losses/Write-Downs, Capital Raised, and Jobs Cut by the Top 10 Financial Institutions Worldwide through 0ctober 31, 2008 109

Table 4.3 Income, Losses, and Write-Downs at Selected

Financial Institutions 111

Table 4.4 Senior and Subordinated Credit Default Swap

Premiums for Fannie Mae (Selected Years) 122

Table 4.5 Senior and Subordinated Credit Default Swap

Premiums for Freddie Mac (Selected Years) 123

Table 4.6 Average, Lowest, and Highest Credit Default Swap Spreads by Industry

(January 2004-0ctober 31, 2008) 124

Table 4.7 Notional Amounts of Positions in Credit

Derivatives Held by the Top 10 Bank Holding Companies (June 2008) 130

Table 4.8 Gross Fair Values of Positions in Credit

Derivatives Held by the Top 10 Bank Holding Companies ( June 2008) 131

Table 4.9 Declining Equity Market Capitalizations for

Selected Countries 133

Table 4.10 Declines in Home Prices and the Time It Takes to Get the Rent-to-Price Ratio to a Targeted Value 136

Table 4.11 Increases in Rental Prices and the Time It Takes to Get the Rent-to-Price Ratio to a Targeted Value 137

Table 4.12 Combinations of Household Income Growth

Rates and Median Home Price-to-Income Ratio Needed to Get Home Price Back to Its Value in 2006 137

Table 4.13 Credit Default Swap Spreads for Different Sectors

(January 1, 2004-0ctober 31,2008) 140

Table 5.1 Selected Subprime Hybrid Loans in Foreclosure

(July 2007) 149

Table 5.2 Distribution of Fixed-Income Securities Rated by S&P, Moody's, and Fitch 154

Table 5.3 56 Percent of MBS Issued from 2005 to 2007

Were Eventually Downgraded 156

Table 5.4 Selected S&P 500 Companies' Credit Ratings by S&P and Associated CDS Spreads as of 0ctober 17, 2008 162

Table 5.5 Dependency on Leverage and Short-Term Borrowings for Selected Financial Firms (November 13, 2008) 170

Table 5.6 Housing Goals Set by HUD for Fannie Mae and

Freddie Mac 179

Table 5.7 Major Events and Supervisory Responses

Related to Real Estate and Nontraditional and Subprime Lending 187

Table 5.8 Major Factors Affecting FDIC-Insured

Institutions' Earnings Contributions to Pretax Earnings Growth, as Compared to Previous Year, in US$ Billions 195

Table 5.9 IndyMac 0ffers the Highest CD Rates in the Nation 0ne Week before Its Seizure by the FDIC on July 11, 2008 196

Table 5.10 Decreasing Reliance on Uninsured Deposits for

Selected Financial Institutions (Selected Years) 201

Table 5.11 Failed Federally Insured Depository Institutions: Number, Assets, and Resolution Costs (1980-0ctober 2008) 202

Table 5.12 Mortgage Fraud Reported in Suspicious Activity

Reports (2002-2007) 207

Table 5.13 Variable Definitions and Sources 214

Table 5.14 Regression Results: Dependent Variable:

Foreclosure Start Rate 216

Table 6.1 Consolidated Statement of Condition of All

Federal Reserve Banks 241

Table 6.2 Impact of Recent Actions on the Fed's Balance

Sheet 245

Table 6.3 Institutions and Capital Injections under TARP Capital Purchase Program

(as of November 25, 2008) 261

Table 6.4

Table 6.5

Table 6.6 Table 6.7

Table 7.1

Table 7.2

Table 7.3

Table 7.4 Table 7.5

Table A.1

Table A.2 Table A.3

Table A.4

Table A.5

Table A.6

Table A.7

Relative Importance of Capital Injections under

TARP for Selected Institutions 264

Sovereign Wealth Funds' Investments in Selected

Institutions 265

A Growing Tab for Taxpayers 276

Size of Financial Rescue Packages and Expanded

Deposit Guarantees 285

Comparative Information on Population, GDP,

Size, and Composition of the Financial Systems for G-20 Countries (2007) 297

Who Supervises Banks and How Many Licenses

Are Required? 300

What Activities Are Allowed for Banks in G-20

Countries and in All Countries? 303

Globalization of Big Banks 308

Changing Importance of U.S. Financial

Institutions (1860-Q2 2008) 310

Major Depository Financial Institution

Legislation 323

Composition of Housing Units (1980-Q3 2008) 338

Percentage of Families with a Primary Residence as an Asset, Selected Household Characteristics and Years 340

Originations of Single-Family Mortgages:

Conventional and Government-Backed

Mortgages by Loan Type (1990-Q2 2008) 342

Single-Family Mortgages Outstanding:

Government-Backed and Conventional

Mortgages by Loan Type (1990-Q2 2008) 343

Originations of Conventional Single-Family

Mortgages: Jumbo and Nonjumbo Mortgages by

Loan Type (1990-Q2 2008) 349

Originations of Government-Backed

Single-Family Mortgages: FHA-Insured and

VA- and RHS-Guaranteed By Loan Type

(1990-Q2 2008) 345

Table A.8 Conventional Single-Family Mortgages

Outstanding: Jumbo and Nonjumbo Mortgages by Loan Type (1990-Q2 2008) 346

Table A.9 Government-Backed Single-Family Mortgages Outstanding: FHA-Insured and VA- and RHS-Guaranteed by Loan Type (1990-Q2 2008) 347 Table A. 10 Home Mortgage Security Issuance (1952-Q3

2008) 348

Table A. 11 Outstanding Home Mortgage Securities

(1980-Q2 2008) 349

Table A.12 Funding Sources for Home Mortgages (1952-Q2

2008) 350

Table A.13 Originate-to-Hold vs. Originate-to-Distribute

Models (1952-Q2 2008) 350

Table A. 14 Market Share of Adjustable vs. Fixed-Rate Home

Mortgage Originations (1983-2006) 353

Table A. 15 Homeownership Rates by Race and Ethnicity

(1994-Q3 2008) 354

Table A. 16 Comparison of the Office of Federal Housing Enterprise Oversight and S&P/Case-Shiller Home Price Indexes 355

Table A. 17 Average Annual Home Price Changes in Selected

Metropolitan Areas 356

Table A. 18 Prime Mortgage Originations by Year of Origination and Product Type ( January 1999-July 2007) 358

Table A. 19 Subprime Mortgage Originations by Year of Origination and Product Type ( January 1999-July 2007) 362

Table A.20 Home Prices Have Dropped, But Are We at the Bottom Yet? Calculation Based on S&P/Case-Shiller Indices, as of August 2008 367

Table A.21 Home Prices Have Dropped, But Are We at the Bottom Yet? Calculated Based on Office of Federal Housing Enterprise Oversight Data, as of Q2 2008 368

Table A.22 Percentage of Homes Purchased between 2001

and 2006 That Now Have Negative Equity 371

Table A.23 Percentage of Homes Sold for a Loss between

Q3 2007 and Q2 2008 373

Table A.24 Percentage of Homes Sold between Q3 2007 and

Q2 2008 That Were in Foreclosure 374

Table A.25 Delinquency and Foreclosure Start Rates for U.S.

Residential Mortgage Loans 376

Table A.26 Foreclosure Rates (1999-Q2 2008) 378

Table A.27 Subprime Originations and Foreclosure Start

Rates by State (2006) 380

Table A.28 U.S. Residential Mortgage Loans Delinquent or in Foreclosure (Percentage of Number) 382

Table A.29 Number of Home Mortgage Loan Foreclosures

Started (Annualized Rate in Thousands) 384

Table A.30 National Subprime Foreclosure Rates by

Origination Year (Percent, 1999-June 2007) 385

Table A.31 California Subprime Foreclosure Rates by

Origination Year (Percentage, 1999-June 2007) 386 Table A.32 Estimates of Losses from Mortgage and Credit

Markets Crisis (June 30, 2007-October 7, 2008) 387 Table A.33 Recent Losses/Write-Downs, Capital Raised and Jobs Cut by Financial Institutions Worldwide through October 31, 2008 390

Table A.34 Top 25 Subprime Lenders in 2006

(for 12 Months, US$ Millions) 398

Table A.35 Top Nonagency MBS Issuers in 2006

(for 12 Months, US$ Millions) 400

Table A.36 Prime Mortgage Cumulative Foreclosure Starts through September 2007 by Year of Origination and Product Type (January 1999-July 2007) 404

Table A.37 Subprime Mortgage Cumulative Foreclosure Starts through September 2007 by Year of Origination and Product Type

(January 1999-July 2007) 408

Table A.38 Reset Dates for Adjustable-Rate First Mortgages

Originated in 2004-2006 412

Table A.39 Mortgage Origination and Foreclosure Starts by FICO Scores Distribution (Percentage of Total by FICO Score Distribution) 413

Table A.40 Mortgage Origination and Foreclosure Starts: Loan Purpose by FICO Scores Distribution (Percentage of Total by FICO Score Distribution) 414 Table A.41 Mortgage Origination and Foreclosure Starts: Conforming and Nonconforming by FICO Score Distribution (Percentage of Total by FICO Score Distribution) 415

Table A.42 Mortgage Origination and Foreclosure Starts: Documents by FICO Score Distribution (Percentage of Total by FICO Score Distribution) 417 Table A.43 Mortgage Origination and Foreclosure Starts:

LTV by FICO Score Distribution (Percentage of Total by FICO Score Distribution) 419

Table A.44 Mortgage Origination and Foreclosure Starts: Occupancy Status by FICO Score Distribution (Percentage of Total by FICO Score Distribution) 421 Table A.45 Maximum Allowable Loan-to-Value Ratios for

Fannie Mae 423

Table A.46 Maximum Allowable Loan-to-Value Ratios for

Freddie Mac 425

Table A.47 Historical Conventional Loan Limits, Fannie

Mae and Freddie Mac (1980-2008) 428

Table A.48 Change in Governmental Mortgage Limits

(1980-2008) 429

Table A.49 GSE Single-Family Mortgage Pool

Characteristics (2005-Q3 2008) 430

Table A.50 Mortgage Originations by Source of Funding 432

Table A.51 The Importance of Fannie Mae and Freddie Mac Compared to Commercial Banks and Savings Institutions for the Residential Real Estate Market (1971-Q2 2008) 433

Table A.52 Median Percentage Down Payment on Home

Purchases (Selected MSAs, 2006) 435

Table A.53 Comparison of Home Mortgage Databases 437

Table A.54 Table A.55 Table A.56 Table A.57 Table A.58

HOPE NOW Alliance Program: Accumulated Borrower (Q3 2007-Q3 2008) 439

HOPE NOW Alliance Program: Accumulated Foreclosure Sales (Q3 2007-Q3 2008) 439

Countries with Single vs. Multiple Supervisory Authorities 440

Countries with the Central Bank as a Supervisory Authority 442

Scope of Supervisory Authority for Countries 443

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