Recent developments notwithstanding, mortgages became more liquid instruments, for both lenders and borrowers. Technological advances facilitated these changes; for example, computerization and innovations such as credit scores reduced the costs of making loans and led to a "commoditization" of mortgages. Access to mortgage credit also widened; notably, loans to subprime borrowers accounted for about 13 percent of outstanding mortgages in 2006.
We need to commit to the reform agenda that the government has developed. Our growth performance has been less than impressive over the years. We need to change the way we do things. We need to address the structural reforms necessary to unleash our economic growth potential. We have identified these structural challenges in various forums over the years.