I will begin this morning with some comments on developments in the housing sector and on the interactions among house prices, mortgage markets, foreclosures, and the broader economy. I will then discuss both some steps taken to date and some additional measures that might be taken to support housing and the economy by reducing the number of avoidable foreclosures.
As we as a nation continue to fashion our policy responses in coming weeks and months, we must draw on the best thinking available. I expect that the papers presented at this conference will add significantly to our understanding of these important issues.