"The New York Times" noted that the Federal Housing Administration's crucial role in the nation's housing market, providing low-down-payment mortgages during the crisis of 2007–2010 when no mortgages would otherwise have been available, "helped avert full-scale disaster" by helping people purchase or refinance homes and thereby putting a floor under falling home prices. However, due to the tighter flow of credit from the banks, total FHA loans in 2009 were four times that of 2006, raising concern that year that if the economy were to dip back into recession, more Fed funds could be required to keep those loans afloat. Frank's response was that the additional defaults—2.2% more of the total portfolio in 2009 than the year before—were worth the economic stabilization of the broader policy, noting "It was an effort to keep prices from falling too fast." In that context, he opined, "I don't think it's a bad thing that the bad loans occurred." In fact, the unprecedented number of loans made since 2008 were noted to be performing far better than those in the prior two years.