Those markets have  BIS Review 32/2005  1  become increasingly large and important as the U.S. markets for fixed-rate mortgage-backed securities (MBS) have grown and as an increasing share of those securities have come to be held by investors that manage the prepayment risks associated with those instruments.
We would drop back to square one and would, in fact, then face an even higher mountain to climb. Entering 2007 means that we are entering the 10th (tenth) year since we were hit by the multidimensional crisis that so devastated all aspects of our nation’s life. 10 (ten) years is a lengthy period of time for a nation to recover.