"Other credit available to consumers has been shrinking sharply, according to an analysis by Ms. Zentner. The pool of unused credit — predominantly home equity lines of borrowing, bank loans and credit cards — was still growing at nearly 15 percent annually as recently as the fall of 2006. Now, with debt mounting, home prices falling and job growth slowing, that pool is diminishing at an 8 percent annual rate."
That could easily do it all on its own.....
"The U.S. Securities and Exchange Commission is updating rules for how mutual funds value holdings after they struggled to price mortgage-backed investments during the subprime-lending crisis.
Regulators are reacting to an explosion in derivatives and mortgage-backed bonds that don't always trade on exchanges, said Douglas Scheidt, an associate director in the SEC's investment management division. The guidelines, to be proposed this quarter, will set out steps to value assets when trading prices aren't available, he said."
Where We Are, Where We're Heading (2013) - The annual 2013 Ticker
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