Paul Volcker, a former chairman of the Federal Reserve and the architect of the eponymous rule, said Wednesday that the US's regulatory reform package had missed an opportunity to fix mortgage markets.

Reuters, a newswire, reported that Volcker told an International Economic Alliance gathering in New York that the mortgage industry was a "creature of government," and that it was important to avoid creating a "hybrid" agency that functions as a private entity in good times, and a public entity in