There are different flavors of recession. You can get into some pretty dark scenarios pretty quickly.

Indeed, the FHA was born out of the Great Depression, which was also caused in significant part by a foreclosure crisis. Mortgages in the early 1930s were mostly three- to five-year 'bullet' loans, which did not amortize and were due in full at maturity.

I only have two things in my life, my family and work. If there's any time left over, then I play sports.

Lenders look at potential borrowers from many angles before extending credit: How much of its income will a household need to put into debt repayment? How large is the down payment? Does the borrower have a job with a stable income? What is the borrower's credit score?

The most important point is, in a time of crisis, there is no way out but for the government to be bold and aggressive.

The discussion in Washington has changed dramatically. I mean, it's no longer a question of should we address entitlements - it's no longer a question of do we need to reduce spending in the future.

My policy is I will help any policymaker who asks, whether they be a Republican or a Democrat.