And so one of the underappreciated aspects of the 2008 economy was the lack of supervision over non bank financial institutions. Before The percentage of mortgages issued by non-bank lenders increased from 40% in 2008 to 65% today. Pre 2008, no agency had authority to oversee non bank mortgage lenders. This is the mortgage market that led to the financial crisis. (03:18–03:22)
CLAIM
Asserts that non-bank lenders' share of mortgage issuance increased from 40% in 2008 to 65% today.
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