In his remarks at today's Securities Industry and Financial Markets Association (SIFMA) Under Secretary for Domestic Finance Anthony Ryan said that the subprime an Alt-A markets are not solely to blame for the country's current problems.

"While some argue that this uncertainty has its roots in the subprime and the Alt-A markets, there are numerous factors to review and to understand before coming to any conclusions," said Ryan. "Credit as a whole – not just in the housing sector – has been plentiful over the past decade and we have benefited by being able to finance the spectrum of assets and services, from complex collateralized obligations, to tender option bonds, to student loans, and to household spending with credit cards."  The market is currently experiencing, he said, the consequences of this "unbridled" access to credit.

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