The FRB is the Mortgage Market

Over the last year, between the FRB and commercial banks, around $500 billion in net new real estate credit has been extended.  That is the good news.  The concerning part is that the FRB has accounted for over 100% of all real estate credit created.  The only mortgage credit being extended to the American home buyer has been via the FHA + FRB.  This doesn't illustrate a private credit market that is likely to support the economy post-QE.