The movement toward a holistic approach to community development has been long in the making, but the housing crisis has motivated further progress.

Community development has a long history of innovation and learning from experience.

Stronger regulation and supervision aimed at problems with underwriting practices and lenders' risk management would have been a more effective and surgical approach to constraining the housing bubble than a general increase in interest rates.

The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.

The financial crisis that began in the summer of 2007 was an extraordinarily complex event with multiple causes.

I and others were mistaken early on in saying that the subprime crisis would be contained. The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict.