Jean-Claude Trichet: The monetary policy of the ECB during the financial crisis Speech by Mr Jean-Claude Trichet, President of the European Central Bank, at the University of Montreal, Montreal, 6 June 2011.
Indeed, the share of adjustable-rate mortgage originations averaged slightly more than 20 percent in 1992, when GSE portfolios were small, and averaged 34 percent in 2004, when GSE portfolios were large; these data suggest that the size of the GSEs' portfolios is unrelated to the availability or popularity of fixed-rate mortgages.