Bernanke makes an interesting case that the main cause of the real estate boom and bust was exotic mortgages that were doomed to fail for many borrowers unless homes continued to appreciate.

That sounds about right. Bernanke’s self-serving point is that the too-low, too-long Fed interest rates were not a major cause of the U.S. real estate boom and bust.

Calculated Risk asks Bernanke if the other countries that had real estate booms and busts also had an explosion of wild mortgages.