Legislative responses Congress is appropriately concerned about problems in the mortgage market. The Mortgage Reform and Anti-Predatory Lending Act of 2007 takes a comprehensive approach and is appropriately focused on the more problematic practices in the subprime mortgage market. We share Congress's concerns with these practices. As with regulations, it is important that new laws carefully target lending abuses without unduly restraining responsible lending.
The Council advises the Fed about policies that impact consumers. And when Patty speaks, she speaks for you. Her knowledge of the issues facing consumers in today’s economy has been a valuable resource for us at the Fed.