*  *  *  Since joining the Board in 2008 amid a crisis centered on mortgage lending, I have focused much of my attention on housing and mortgage markets, issues surrounding foreclosures, and neighborhood stabilization. Today I am pleased to provide some comments about the outlook for housing and mortgages.
Conceptually, global banking, by which I mean both direct entry and cross-border inter-bank lending, may influence macro-stability in both positive and harmful ways. Those who see potential harm argue that trans-national banks stimulate capital flight, particularly in developing markets, and in stressful times may be a source of capital outflows and currency crises.