Figure 1

From 1997 to 2007, the GSEs bought approximately 30 percent of all subprime private mortgage-backed securities issued

Proportion of subprime private mortgage-backed securities (PMBS) purchased by GSEs

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Source: Edward J. Pinto, “Government Housing Policies in the Lead-Up to the Financial Crisis: A Forensic Study,” American Enterprise Institute, February 5, 2011.