Jaw Jaw

Even if there was little the Fed could have done policy wise, they could have, you know, said something.

Actually Greenspan did say something. This.

American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage. To the degree that households are driven by fears of payment shocks but are willing to manage their own interest rate risks, the traditional fixed-rate mortgage may be an expensive method of financing a home.