This reminds us of how policymaking works at the BSP, where it is important that we are able to assess where the economy is and to know where we want it to be.
We've also seen the increased use of HELOCs as part of purchase financing, supplementing the first lien. At the end of 2004, outstanding drawn HELOCs at all insured commercial banks totaled $ billion, a 40 percent increase over 2003. Meanwhile, the federal banking agencies have observed some easing of underwriting standards, with lenders competing to attract home equity lending business.