Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.
, since early November, as we all pointed to, a number of financial institutions, subprime mortgages
activity of difficulties involving subprime mortgages, structured-investment vehicles, leveraged loans
in light of the press given to the subprime debacle, financial turmoil, and just a general sense of
of that, but I will admit it’s very hard to say. The price-discovery process around subprime
write-downs of the subprime loans and the period in which the credit loss associated with the
bottom left panel. In light of the tighter conditions in the subprime loan market and the recent
evidence of pickup in demand. Despite the problems in subprime lending markets, however, I think the
for subprime mortgage pools packaged over the past 1½ years has risen over the past few weeks as the
part because of subprime issues. It is also unclear whether builders will seek to return inventories
reflect the continuing fallout from the pullback in subprime lending. But we also think that housing
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