HOUSEHOLD DEBT DOUBLED UNDER BUSH THOUGH...
The American mortgage market was about $1 trillion a year. The real surge in the mortgage market began in 2001 (the year of the stock market crash). From 2000 -2004, residential originations the U.S. climbed from about $1trillion to almost $4 trillion.
About 70% of this rise was accounted for by people refinancing their conventional mortgages at lower interest rates
The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets OCT 2008