Name: Sen. Cortez Masto Digs Into Warsh’s Record on Subprime Mortgages
Uploaded: 2026-04-21T19:33:00Z
Duration: 2 min 5 s
Description: Sen. Catherine Cortez Masto, a Democrat from Nevada, questioned Fed Chair nominee Kevin Warsh about his record during the 2008-09 financial crisis when he was on the Fed board.

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Sen. Catherine Cortez Masto, a Democrat from Nevada, questioned Fed Chair nominee Kevin Warsh about his record during the 2008-09 financial crisis when he was on the Fed board. Photo: Graeme Sloan/Bloomberg News

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Sen. Catherine Cortez Masto, a Democrat from Nevada, questioned Fed Chair nominee Kevin Warsh about his record during the 2008-09 financial crisis when he was on the Fed board.

Sen. Cortez Masto Digs Into Warsh’s Record on Subprime Mortgages

You've been on the Federal Reserve Board, and you were there during the financial crisis of 2008. We, you and I talked about this. I was the Attorney General then. It hit Nevada so hard. Here's what I do know, and at that time, in 2006, you attended numerous meetings where housing experts pleaded with you to stop predatory mortgages. In fact, Gail Burks, who was the CEO of Nevada's Fair Housing at that time, who I worked with, repeatedly warned Fed leadership, including you, about predatory lending practices such as flipping loans or misinforming seniors about reverse mortgages. And in 2007, you said, and I quote, subprime mortgages have gotten a bad name in this environment, and in some cases, that's not just. You also said that you don't see any immediate systemic risk issues among big banks. And you said that at that time, and then just recently, and this is what I want you to address, Senator Warren has said that you told her you had no regrets during this tenure. How can we trust that your economic theory, when you were wrong then, is gonna be the accurate theory we need now to help so many families and businesses that are struggling with the policies that we're dealing with now?

Kevin Warsh: Senator, let me address a few things. The Chairman is gonna cut me off when he must, but I would say this. For many years before the global financial crisis, I warned about the very real risks of Fannie Mae and Freddie Mac blowing up, which they did. I think that part of the housing market was vulnerable for many years and not enough was done about it, even in spite of my protestations and my urging about GSE reform. It wasn't done; I think that compounded the financial crisis. Secondly, I think subprime mortgages then, subprime assets then, were indicative of prices of almost every financial asset that were mispriced. What I suggested then, and what I believe now, is that some prime mortgages were just indicative of a set of prices that were incorrect, and they all repriced.