While some argue that the uncertainty bedeviling investors and institutions that own mortgages has its roots in the subprime and alternative-A markets, "there are numerous factors to review and to understand before coming to any conclusions," Anthony Ryan, the Treasury's acting undersecretary for domestic finance, told the Securities Industry and Financial Markets Association's annual conference in New York. "Credit as a whole -- not just in the housing sector -- has been plentiful over the past decade," he said. "Today, we are experiencing the repercussions of this unbridled expansion and access to credit," said Mr. Ryan. "We needed to strike a balance between strong market discipline and regulatory oversight and we have not."
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