Chart 1
Industry Exposure to GSE-Related Securities
Has Risen Markedly Since 2001
Date Industry GSE-Related Holdings
as a Percent of Tier 1 Capital
MBS Direct Obligations
1994 146 120% 27%
1995 136 107% 30%
1996 132 99% 34%
1997 129 94% 35%
1998 136 99% 37%
1999 150 108% 43%
2000 145 99% 47%
2001 137 95% 42%
2002 139 102% 38%
2003 160 120% 40%
200309 154 111% 43%
Source: Call Reports and Thrift Financial Reports