Consequently, the interpretation of developments in monetary and credit aggregates and the extraction of information for the assessment of the risks to price stability require more detailed analysis. Let me give an example.
In particular, Fannie and Freddie played a critical role in promoting mortgage securitization - the key to the success of secondary mortgage markets in the United States.1 The stated intent of the Congress is to use the housing-related GSEs to provide a well-established channel between housing credit and the capital markets and, through this channel, to promote homeownership, particularly among lower-income families.