What would we say was the overall state of the mortgage market at that point?
It has around 5% of the mortgage market and around 12% of the savings market in Wales.
The first was the collapse of the mortgage market and the second the institutional financial crisis that ensued.
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All of the above is shutting self-employed borrowers out of the mortgage market to a greater extent, Mr. McBride says.
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On the demand side, the technicalities of the mortgage market are thinning the ranks of million-dollar home buyers more than usual.
"That is about 2% of the mortgage market and they would have been taken mainly by buy-to-let borrowers and sub-prime borrowers, " he said.
Like Bear Stearns, Lehman Brothers and IndyMac, Washington Mutual was caught in the implosion of the mortgage market, NPR's Jim Zarroli tells Linda Wertheimer.
Ms. CHU: The credit card market is just a fraction of the mortgage market, so the effect is not going to be as big.
Troubles keep mounting in the riskiest part of the mortgage market.
Halifax's 19% share of the mortgage market will increase slightly but it has no presence in the small business market which is worrying the competition authorities.
There has also been talk recently that Bank of America should walk away from the deal to shield itself from additional exposure to the most toxic corners of the mortgage market.
However, the overarching goal is to create something of value that could either be sold or used by policy makers as a foundational element of the mortgage market of the future.
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The first of those would put the vast majority of the mortgage market in the hands of the private sector, where lenders would originate mortgages and securitize them without any government backing.
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However it massively increased its share of the mortgage market, taking 18.9% of all net mortgage lending in the UK against its previous peak of 14.5%, seen in the second half of 2006.
BBC: Northern Rock has been heavily hit by the sub-prime crisis
But since 1996, FHA's share of the mortgage market has dropped from 32% to 6%, largely because the private sector began offering exotic (read: easier to qualify for) products--such as adjustable-rate mortgages, or ARMs--to an increasingly risky pool of investors.
In testimony to the Financial Crisis Inquiry Commission in February, Goldman chief executive Lloyd Blankfein said the company, in creating these products even at the same time it was developing a negative view of the mortgage market, was only acting on behalf of clients who wanted them.
The Federal Reserve, lagging other central banks, pumped in extra money and then cut its discount rate to prevent a seizure of the financial system in the aftermath of the subprime mortgage market debacle.
The virtual shutdown of the subprime mortgage market and a widening of spreads on jumbo mortgage loans have further reduced the demand for housing, while foreclosures are adding to the already-elevated inventory of unsold homes.
The existence of Fannie Mae and Freddie Mac may be important explanations of why the mortgage market unlike the stockmarket and markets for other debt has never frozen up.
That whole fly-by-night lending boom, slicing and dicing mortgage bonds, derivatives and CDOs, and all the other shadiness of the 2000s mortgage market was a Wall Street creation, and that is what drove all those risky mortgages.
"The fundamental issue remains the withdrawal of many lenders from the mortgage market over the past year and the reluctance of new participants to play a meaningful role in delivering finance to potential homebuyers, " said Rics chief economist Simon Rubinsohn.
The other area of concentrated distress is subprime mortgages, which increased their share of the American mortgage market from 7% in 2001 to over 20% in 2006.
But while many major international banks have seen large writedowns in the wake of rising defaults among the sub-prime mortgage market, the majority of China's US mortgage-backed securities were underwritten by US government agencies such as Fannie Mae.
Fannie Mae and Freddie Mac controlled about 90% of the secondary mortgage market.
Last month it played its part in shoring up Fannie Mae and Freddie Mac, the twin quasi-private giants of the American mortgage market.
Despite this progress, however, too many families are suffering today because of a growing incidence of abusive practices in a segment of the mortgage lending market.
Obama said he wrote a letter to Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson warning them about the dangers of the subprime mortgage market.
Ding added the firm has been "clever and swift" in taking advantage of the volatility in the mortgage market by making short bets to generate profits to offset losses in other areas.
In 2006, Bear Stearns was the number one underwriter of mortgage-backed securities, with 11% of the US mortgage securities market.
Washington now controls long-term bond yields, promises low interest rates years into the future, makes bets on trillions of dollars in bonds, dominates the home-mortgage market and regulates myriad aspects of banking and investing in the U.S. and abroad.
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