3 - Securitized loans (1) 15  (annual flows by country of collateral; percentages of GDP) 2000 2005  10  5  0 Euro Area  UK  USA  Sources: European Securitization Forum, Bond Market Association, Eurostat. (1) Euro area figures do not include Pfandbriefe; U.S. data exclude Federal Agency Securities.
As a supplement to the Treasury's existing authority to lend to the GSEs and as a bridge to the time when the Congress decides how to proceed on these matters, the Board of Governors authorized the Federal Reserve Bank of New York to lend to Fannie Mae and Freddie Mac, should that become necessary.