And, looking toward the future, they challenge us to ensure a regulatory environment that promotes responsible lending and sustainable homeownership. I would like to briefly discuss how we arrived at where we are today.
Then I would like to share with you what the Federal Reserve is doing to reduce foreclosures, to protect aspiring homeowners from unfair and deceptive practices, and to equip them to choose wisely from among the often confusing array of mortgage options. In particular, I would like to highlight the new regulations we have proposed under the Home Ownership and Equity Protection Act (HOEPA).