- In 2004, Alan Greenspan, then the chairman, said the rise in home values was “not enough in our judgment to raise major concerns.”
- In 2005, Mr. Bernanke — then a Bush administration official — said a housing bubble was “a pretty unlikely possibility.”
- As late as May 2007, he said that Fed officials “do not expect significant spillovers from the subprime market to the rest of the economy.”