In 2008, The league had announced it was considering a postponement of its season, stating that "Since inception, the League's finances have been indirectly tied to the $300 billion federally guaranteed student loan asset backed securities market. In August, the sub prime mortgage crisis began spreading into other sectors such as municipal bonds and federally guaranteed student loans. The situation, which was considered to be temporary at the time, has continued to worsen. Despite the fact that the Federal Reserve has repeatedly lowered interest rates during this financial crisis, their efforts have not yet restored liquidity in many asset backed markets, including municipal bonds and student loans."