To give you a sense of the blow inflicted to the real economy by these two shocks combined, the cumulate drop in GDP during the crisis reached 9 percent; industrial production fell by a quarter. The fall in global demand severely hit exporting firms, precisely those that were fighting hard to “go global”. It was the Great Recession.
This means that they are also faced with more or less the same risks. If the market loses confidence in a  BIS central bankers’ speeches  3  bond issued by one mortgage bank, confidence in and thus funding for the rest of the sector may rapidly evaporate.