[ExI] Sudden outbreak of democracy baffles US pundits

[gts]

Lee, following up on my last to you...

"Although subprime and other risky mortgages were relatively rare before the mid-1990s, their use increased dramatically during the subsequent decade. In 2001, newly originated subprime, Alt-A, and home equity lines (second mortgages or "seconds") totaled $330 billion and amounted to 15 per cent of all new residential mortgages. Just three years later, in 2004, these mortgages accounted for almost $1.1 trillion in new loans and 37 percent of residential mortgages. Their volume peaked in 2006 when they reached $1.4 trillion and 48 percent of new residential mortgages.[3]"
 
http://www.heritage.org/research/economy/bg2127.cfm

To summarize, the story of risky mortgages looks like this:

1990s: negligible at first, then small share of market.
2001: $330 billion, 15% of market.
2004: $1.1 trillion, 37% of market.  
2006: $1.4 trillion, 48% of market.

-gts