Since the CPFF was created, commercial paper spreads have returned to near-normal levels, and – as anticipated – borrowings from the CPFF have declined sharply, from $ billion at the turn of the year to less than $ billion today.
Before the crisis, securitization markets were an important conduit of credit to the household and business sectors; some have referred to these markets as the "shadow banking system." Securitization markets (other than those for mortgages guaranteed by the government) were virtually shut down in the crisis, eliminating an important source of credit.