Alongside these developments came the establishment of private mortgage insurers, which competed with the FHA, and private mortgage pools, which bundled loans not handled by the GSEs, including loans that did not meet GSE eligibility criteria – so-called nonconforming loans. Today, these private pools account for around $ trillion in residential mortgage debt.
Let me close my remarks by wishing you all a very pleasant and memorable evening. Thank you. BIS Review 25/2009  5