The decline in the proportion of 30-year fixed-rate mortgages from 2001to 2006and the increase in subprime loans are from page 4of the November 2008Financial Services Outlook，published by the American Enterprise Institute，and the extent of subprime and non-traditional loans purchased by Fannie Mae and Freddie Mac from 2005to 2007is noted on page 5.The Department of Housing and Urban Development’s impact on Fannie Mae and Freddie Mac was described on pages A1and A2of the June 10，2008issue of the Washington Post，in an article titled “How HUD Mortgage Policy Fed the Crisis.”The magnitude of the mortgage guarantees of Fannie Mae and Freddie Mac was reported on page 1of the May 2005Financial Services Outlook，published by the American Enterprise Institute.Information on the rankings of Gross Domestic Product by nation is from page 26of the Pocket World in Figures，2009Edition，published by The Economist.Warnings of an impending decline in American home prices were issued on page 68of the September 13，2003issue oY The Economist in an article titled “Hot Property.”Concerns about the high costs of American homes and the risks to investors at large should those prices fall are from page 13of the June 18，2005issue oY The Economist under the headline “After the Fall.”The testimony of Treasury Secretary John W.Snow can be found on page 11o？Hearingabout the risks posed by pushing homeownership on people that were financially unqualified is from section 3，pages 1and 9of the October 3，2004issue of the 7Ve"u？Yorli Times，in an article titled “A Coming Nightmare of Homeownership？”
Gregory Mankiw’s warnings on the systemic risk posed by the implicit government guarantee of Fannie Mae and Freddie Mac are from page 110of zfrc6iiecii oJfliiiit by Peter Schweizer.The statement that the housing market was “losing touch with reality”and concerns that a downturn in housing prices posed significant risks to theeconomy are from pages 92and 93of the September 20，2004issue ofo"rfiizie，in an article tided “Is the Housing Boom Oven”Concerns over massive defaults and costs to taxpayers if Fannie Mae and Freddie Mac were not reined in are from page 8of the May 2005Financial Seriu？es Outlook，published by the American Enterprise Institute.President George W.Bush’s calls for millions more homeowners were quoted on page 10of CinilRights andtheMortgage Crisis.The criticisms of President George W.Bush’s efforts to increase home ownership can be found on page 31of the August 23，2004issue of Barrows，under the tide ”Nothing Down.
