LIQUIDITY AND EASING SPREAD TO HOUSING Single family housing starts Distribution of U.S. dollar mortgage originations 2M 100% Government Prime- Jumbo 80 Prime- Average 60 Conforming 1 40 Alt-A 20 Subprime 0 0 2002 2006 1980 1985 1990 1995 2000 20052008E Source: Bridgewater, National Association of Home Builders