If you recall 1998 (and I admit that sometimes I have trouble remembering yesterday)
it was the GSE's, Fannie and Freddie, as much as the Fed, that pumped liquidity into the system in the wake of the Russian default and LTCM. Fast forward a decade. Here's a stunning chart from BNP Paribas via the RGE monitor:
The mortgage market was effectively nationalised in Q3.