Sequoia Capital Market Presentation Deck

LIQUIDITY AND EASING SPREAD TO HOUSING Single family housing starts 2M pous Average 0 1980 1985 1990 1995 2000 2005 2008E Source: Bridgewater, National Association of Home Builders Distribution of U.S. dollar mortgage originations 100%- 80- 60- 40 20- 2002 Government Prime- Jumbo Prime- Conforming Alt-A Subprime 2006

View entire presentation