Federal Reserve Vice Chair Stanley Fischer said that government involvement in securitization weakened the link between the mortgage loan and the lender. He also warned that another global housing crisis could be looming. During a speech at the FNB-Riksbank Macroprudential Conference in Amsterdam, he acknowledged that Fannie Mae and Freddie Mac MBS helped to expand mortgage credit availability, but added that the rapid rise in credit access coupled with rising house prices can threaten the financial system’s resilience. “One particularly problematic policy is government guarantees of mortgage-related assets,” said Fischer. He mentioned the period leading up to the financial crisis when investors viewed agency MBS as having an implicit government guarantee, “despite the GSEs’ representations to the contrary.”