Why a Fed Governor Bought a Home When He Knew the Market Was Teetering

Frederic Mishkin was in a bind. In January 2008, his wife wanted to buy a house, but as we all know now, the housing market was in the midst of a crash. More than one person probably shared similar doubts with friends around the same time, but Mr. Mishkin is a little different. He told his story during a Federal Reserve meeting, as we learned when the minutes were released late last week.

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