2007 2008 2009 2010 ==) Conventional “as: Jumbo mam Subprime mm Alt-A mam Home Equity “as FHA/VA =—— Total Non-Conventional as % of Total KP Source: Inside Mortgage Finance. i USA Inc. | Income Statement Drilldown 185 Real Estate Bubble: Investors Helped Fuel It, Too, as They Reached For Yield Without Questioning AAA Rat