All I have tried to do, today, is to share with you the likely considerations that would guide monetary policy decisions in 2020, putting these in the wider context of challenges facing not just the domestic but also the global economy.
To a degree that increased over time, these mortgages were often poorly documented and extended with insufficient attention to the borrower's ability to repay. In retrospect, the breakdown in underwriting can be linked to the incentives that the originate-to-distribute model, as implemented in this case, created for the originators.