That's a question on which I recently had the opportunity to give Alan Greenspan an interview in Toronto. The United States studied high-risk mortgage loans starting in 2000 and resumed that study in 2002. However, no regulations were implemented. When I asked why, I was told that the high-risk mortgage loan market in the United States was not in difficulty prior to 2005 and that they had decided to let the matter pass. I didn't like that answer, and I still wonder why they didn't impose any regulations when they saw that the market was in difficulty.
