Some people would say felted, but to me felting is done with unspun fiber. After the fiber is spun into yarn and then knitted or woven, the correct term is fulled.
Fifteen years or so ago, my friend Dana cleared some of her 'stuff' out of her mother's attic. She brought some of it to our fiberarts meeting and I came home with a large trash bag of wool.
And here is the final result, already loaded with wallet, check book, etc.