The Washington Post article today summarized yesterday’s meeting, at which John Reich, director of the Office of Thrift Supervision, and John Dugan, Comptroller of the Currency, discuss the reasons for the new mortgage guidance. Is the American public listening?

“At yesterday’s meeting, Reich also warned that some lending institutions are making too many commercial real estate loans, a policy he noted has in the past “contributed to significant bank failures and instability in the banking system.”

John Dugan, comptroller of the currency, who also spoke at the meeting, echoed Reich’s concerns about the volume of commercial real estate lending. He also likened it to the lending pattern that preceded the savings and loan bailout of the early 1990s.”

Is anyone else thinking that the wave of warnings from government officials in recent days is a hint to the markets and the public about the inevitable mess that lies ahead? Does anyone remember government officials giving these warnings? I guess if the banks go down, no one can say they weren’t warned.