Explain why the mortgage backed bond market has grown so phenomenally since the mid1960's.In your answer be sure to include an explanation of the growth in the subprimemortgage lending market since the turn of the century. In your answer be sure to discuss the impact of securitization on the structure ofthe mortgage lending market in the U.S.. In your answer be sure to include a discussion of the growth in the global pool offunds, Fannie Mae, Ginnie Mae and Freddie Mac, financial engineering andCDOs (CMOs), the housing bubble, asymmetric information and predatorylending, CDSs (credit default swaps), leverage and the quest for leverage,regulatory arbitrage and adverse selection, and credit ratings agencies. When discussing CDSs be sure to explain a CDS and how a CDS differs fromtraditional insurance (in the context of this question).