The 2008 Home Mortgage Disclosure Act (HMDA) data show that Federal Housing Administration (FHA) lending surged in the second half of 2008 and by December FHA had a 38% share of the home purchase market and 25% share of the refinancing market.

"By the end of 2008, nearly one half of home-purchase loans and one-quarter of refinanced loans were backed by either FHA or the [Department of Veterans Affairs (VA)]," according to the Federal Reserve Board analysis of the HMDA data.

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