William M. Thomas: “What scared me was the first regulation coming out of Dodd-Frank was on the rating agencies, and they said they wouldn't…”

Yes, Dodd-Frank has become law. But as the Administration begins to move in the direction of regulations, you ought to bring them in and examine it again, because I think many of them overreach.

Government housing policies did contribute to the problem. Government tax positions also contributed to the problem.

These reforms are the kind of legislation we should see more of from the U.S. House of Representatives.

When you are looking for victims and villains rather than essential causes, it is easy to examine the same set of facts and arrive at diametrically different conclusions.