At the Federal Reserve, we continue to foster more-accommodative financial conditions and, in particular, lower mortgage rates through our monetary policy actions. We also continue to monitor mortgage credit conditions and consider the implications of our rulemakings for credit availability.
For your part, I urge you to continue to develop new and more sustainable business models for lending to lower-credit-score borrowers that lead to better outcomes for borrowers, communities, and the financial system than we have experienced over the past few years. 20  Staff calculations are based on the Federal Reserve Bank of New York Consumer Credit Panel.