"These secondary markets finance at least 70% of the current $13.4 trillion in outstanding home mortgages and over $1.5 trillion in other outstanding consumer loans. See Urban Institute, Housing Finance Policy Center, Housing Finance at a Glance: A Monthly Chartbook 6 (Apr. 2023), https://perma.cc/KKV6-2WGH (Housing Fi- nance at a Glance); SIFMA, US Asset Backed Securities Statistics (May 4, 2023), https://perma.cc/2APC-S2HJ."
"Nonbank creditors, for example, dominate large portions of the consumer-lending markets and finance more than four in five new government-backed mortgages. See, e.g., Housing Finance at a Glance 11 (83% of all government- backed originations in March 2023). Yet without second- ary-market financing, they cannot afford to lend."