For instance, Paul Volcker, who was chairman of the Federal Reserve during a portion of the 1980s real estate crisis, recently described the U.S. mortgage industry as “dysfunctional” and a “creature of the government” that needs reform.
BIS Review 147/2010  1  The options seem to fall out to either rebuilding a system backed by extensive public support, subsidies and other protections, or build a new framework that returns housing finance to greater reliance on private market forces. I support a policy path that returns the housing industry toward greater market discipline and greater long-run stability.