In recent months I have worked closely with Bruce Morrison, chairman of the Federal Housing Finance Board, to develop vehicles that will bring new investments to underserved communities. I applaud his leadership in this area. And I applaud his leadership in another area: his efforts to refocus the Federal Home Loan Banks on their essential mission of housing finance by weaning them from their reliance on arbitrage profits generated by non-mission-related investments.

This is important work. It takes place far from the public spotlight and attracts enemies -- people and institutions that see any challenge to the status quo as inimical to their own narrow interests. In their defense of the status quo they will come up with any possible argument, no matter how tenuous, in an attempt to obfuscate the central issues.

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