I do not doubt that a low U.S. federal-funds rate in response to the dot-com crash, and especially the 1% rate set in mid-2003 to counter potential deflation, lowered interest rates on adjustable-rate mortgages and may have contributed to the rise in U.S. home prices. In my judgment, however, the impact on demand for homes financed with ARMs was not major.

Should this read "was not as much as I hoped for"?
After all, Greenspan kept advising people to get variable rates for their mortgages just before the collapse.

Somehow, with less information than Greenspan had access to, I did what Krugman did: having started with a variable rate, I switched to fixed. Too bad I'll have to sell in 9 months, or I could have bragged about that for 14 more years.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi