Greenspan: Don't Blame Me for Housing Woes

Former U.S. Federal Reserve Chair Alan Greenspan denied that the housing problems in the U.S. were due to interest rates being too low during his tenure.

(Realtor) -- Greenspan put the odds of a U.S. recession at more than 50 percent when he spoke Tuesday via video link to a conference in Johannesburg, South Africa.

"As far as I'm concerned, the data do not support [that argument]. The housing bubble is clearly an international phenomenon," he said.

He said the U.S. is “on the brink” of recession. "There are still very considerable structural problems remaining in the financial system. They will remain for a while. It's going to be very difficult. There are a lot of unexpected adverse events out in front of us."