The best outcome is a loss mitigation strategy that results in a mortgage obligation that the borrower can meet in a sustained manner. The use of these and other lossmitigation techniques is consistent with the interagency guidance that emphasizes the importance of prudent underwriting practices to help ensure that borrowers can meet the terms of their mortgage obligations and maintain homeownership.
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.