In 2004 Janet Yellen Feared Housing Bust But Did Not Raise Public Alarm

The Fed did not issue an advisory to banks about commercial loans until January 2007 and it stopped short of a full-fledged order. By then, recalled Bruce Norris, president of California real estate investment firm The Norris Group, some experts were questioning if regulators were asleep on the job. “Yellen had a lot of company,” he told Reuters. “I just could never figure out why they weren’t more concerned until it was too late.”