The reviews will include an evaluation of the companies' underwriting standards and senior-management oversight of the practices used for ensuring compliance with consumer protection regulations and laws. The agencies have been working closely together and are scheduled to begin the on-site reviews in the fourth quarter. The partner agencies will share information about the reviews and make joint assessments of lessons learned.
This project should also lay the groundwork for various additional forms of future cooperation to ensure more effective and consistent supervision and consumer protection. Legislative responses Beyond the actions underway at the regulatory agencies, I am aware that the Congress is considering statutory changes to help alleviate the problem of foreclosures.