We are putting people into solid mortgages that will be 30 and 40-year mortgages, rather than some of these ARMs (adjustable rate mortgages) that caused so many problems for people.
Without such a solid guarantee, mortgage rates would soar, he warned.
However, trading remains solid and mortgages appear to becoming marginally more available, which should mean that upcoming updates are at least reassuring.
Citigroup separated its solidly performing commercial and retail banking divisions from other less-solid businesses, like mortgage lending, that it no longer wants.
The San Francisco-based bank has a strong balance sheet, one of the highest reserves for loan losses and solid performing business lines like mortgage banking and commercial lending.
Now that solid credit is required for a mortgage, however, the total number of African-American families able to get a mortgage last year was a dismal 16,000.
In addition, a measure drafted in response to the mortgage crisis is making solid progress in the Senate.
Yesterday, he said: "In the third-quarter, we have had solid earnings and strong growth in mortgage lending and customer deposits".
The Nationwide's chief economist, Robert Gardner, said further solid gains in employment, record low mortgage rates and rising confidence were all driving prices higher.
"By and large, the ARM market was polluted by the abuses that went on with subprime mortgages," said Guy Cecala, publisher of Inside Mortgage Finance, adding that "prime" mortgages sold to borrowers with solid credit histories tend to have much clearer terms.
