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1FEDERAL TRADE COMMISSION12RESEARCH ROUNDTABLE3ECONOMIC PERSPECTIVES ON THE HOME4MORTGAGE MARKET56789Wednesday, October 16, 2002109:00 a.m.111213Federal Trade Commission146th and Pennsylvania Avenue, N.W.15Room 43216Washington, D.C.171819Edited Transcripts:These proceedings were20professionally transcribed as described on page 213 of21the transcript. The transcript was edited by FTC staff22to improve punctuation, spelling and clarity. In23addition each speaker was given the opportunity to edit24their comments.25
 
2PANEL MEMBERS123Pauline IppolitoFederal Trade Commission4(Moderator)5J. Howard BealesFederal Trade Commission6Thomas A. DurkinBoard of Governors of the7Federal Reserve System8Anthony M. YezerGeorge Washington University9Susan WachterThe Wharton School of the10University of Pennsylvania11Charles M. KahnUniversity of Illinois12Anthony B. SandersOhio State University13Amy Crews CuttsFreddie Mac14Charles W. CalomirisColumbia University15Jack M. GuttentagThe Wharton School of the16University of Pennsylvania17Michael E. StatenGeorgetown University18John FarrisCenter for Responsible Lending1920212223
 
3P R O C E E D I N G S1- - - - -2MS. IPPOLITO: Welcome to the FTC. This is the3Mortgage Research Roundtable. We really appreciate you4all coming out in the middle of noreaster here. Of5course, to a New Englander, this isn't what a noreaster6really looks like. But in October, I guess it does.7We have a full day planned, so I'd like to get8going quickly. As most of you know, this is not a9workshop to discuss a particular policy issue. When Tim10Muris approached us about putting this together, it was11driven in part by the fact that so many things are12changing in this market. We have a shifting role of13brokers and lenders; we have deceptive lending practices14that we have been involved with, others have been15involved with from an enforcement perspective. We have16several states experimenting in various ways with17particular constraints on the market. HUD has proposed18revisions of its federal disclosure remedies. There are19developments in e-commerce that will change this market.20We had a series of three workshops last week21including a panel on e-commerce and financial markets22that raised a number of issues that are of interest to23us.24So, the Chairman asked us to put together not a25
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