The FHA, although it lost market share, continued to guarantee what it could, adding to the demand that the unregulated mortgage brokers filled.

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Some commenters suggested that home prices would fall after mortgage interest rates rose, adding further difficulties to those who might otherwise want to sell their homes and move.

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Part of that movement means taking big steps to fix the mortgage crisis, he said, adding that he is "disappointed that we haven't seen quicker movement" by the Bush administration on that front.

CNN: Obama: Days of 'pork ... as a strategy' are over

"We'd like to give management the benefit of the doubt, however questions remain, " he said, adding that the bank still had exposure to subprime mortgage assets and it remains to be seen who will be appointed to permanently head the investment-banking division.

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The virtual shutdown of the subprime mortgage market and a widening of spreads on jumbo mortgage loans have further reduced the demand for housing, while foreclosures are adding to the already-elevated inventory of unsold homes.

NPR: Economic Swoon to Continue, Bernanke Says

"To help support the economic recovery in a context of price stability, the Committee will keep constant the Federal Reserve's holdings of securities at their current level by reinvesting principal payments from agency debt and agency mortgage-backed securities in longer-term Treasury securities, " the FOMC says, adding it will continue to roll over the Federal Reserve's holdings of Treasury securities as they mature.

FORBES: U.S. Economy

The acquisition of Washington Mutual (WaMu) in September 2008 helped it increase its customer base while adding 2, 200 branches, 5, 000 ATMs and 12.6 million checking, savings, mortgage and credit card accounts.

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