In 1997 subprime mortgages accounted for three per cent of the mortgage debt in the US.
Last year adjustable mortgages accounted for 58.2 percent of all home loans, although adjustable mortgages have proved considerably less popular with home buyers when rates are low or falling.
Commercial mortgages and construction loans accounted for nearly 37 percent of the Bank of New England's loans, well above the average of about 14 percent for other large banks.
In the first quarter of this year, adjustable-rate mortgages (known as ARM's) accounted for 31 percent of all mortgages nationwide, compared with 12 percent in the same quarter in 1999.
He accepted that mortgage-holders would face difficulty, but said it was necessary to curb borrowing, and mortgages accounted for 85 per cent of household borrowing.
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Commercial loans and mortgages, he said, have accounted for most of Liberty's profits in the past.
Real estate and mortgages account for a third of its $108.3 billion in investments.
The elderly are often wary of these loans, and because of this, reverse mortgages have accounted for only a small fraction of the total mortgage debt held by consumers.
In 2006, the 330,000 buy-to-let mortgages that were taken out accounted for 9% of outstanding home loans.
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