As financing disappeared, the markets for these products and for related investments, such as asset-backed commercial paper, seized up. Another factor that the PWG identified as contributing to the financial turmoil was weakness in the risk-management practices of large global financial institutions that created and held complex credit products.
BIS central bankers’ speeches  1  •  over time, this has been more than offset by falls in financing costs, so that the typical repayment burden as a share of income is not particularly high. This of course does not rule out affordability problems in particular market segments or for particular types of households.