Frederic Mishkin: exposure of banks to subprime losses minimal (2007)

Moreover, because most sub-prime mortgages are securitized, the risks associated with these loans are spread widely.  Bank and thrift institutions that hold these mortgages are well-capitalized and exposure of individual banks to possible sub-prime losses do not appear to be large.

~ Frederic Mishkin, Fed vice-chair, April 20, 2007

Wikipedia on Frederic Mishkin's blown call on Iceland

In 2006, [Frederic] Mishkin co-authored a report called "Financial Stability in Iceland". The report maintained that Iceland's economic fundamentals were strong. The report was commissioned by the Icelandic Chamber of Commerce in response to critical coverage of the Icelandic economy and certain Icelandic companies in the international business media.

Iceland subsequently experienced a spectacular collapse within a year of Mishkin's good report.

~ Wikipedia

Frederic S. Mishkin: "Bernanke helped save the world from depression"

My view is Chairman Bernanke helped save the world from depression. Whether you agree with every policy he’s pursued or some of the ways the bailouts were done, the outcome here, given the severity of the shock, is a good one. But that’s hard to explain to the American public when we’re sitting with 10 percent unemployment.

~ Frederic S. Mishkin, a former member of the Fed’s board of governors, economist at Columbia University, and close friend of Mr. Bernanke, "Bernanke’s Bid for a Second Term at the Fed Hits Resistance," The New York Times, January 22, 2010, by Sewell Chan and David Herszenhorn

Frederic Mishkin: Housing market "bottoming out" (2007)

We do see some stabilization of demand in the housing market ... there is some indication that the market could be bottoming out.

~ Frederic Mishkin, Federal Reserve Governor, Reuters, April 20, 2007

(Quote provided by Kevin Depew, "Five Things You Need to Know: Housing Slump Well Contained; Well Contained to Existing Home Sales; Well Contained to Largest Cement Producer in U.S.; Well Contained to Spain; Well Contained to Auto Sales," Minyanville, April 24, 2007)