7 RESPONSIBLE LENDING AND INFORMED CONSUMER CHOICE for US Federal Reserve: transcript

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11234 THE FEDERAL RESERVE BOARD56 BUILDING SUSTAINABLE HOMEOWNERSHIP:7 RESPONSIBLE LENDING AND INFORMED CONSUMER CHOICE89 10 Independence Mall10 Philadelphia, Pennsylvania11 Friday, June 9, 200612131415 TAKEN BEFORE: Emilie Pakman, Notary Public16171819 CLASS ACT REPORTING AGENCY20 Registered Professional Reporters21 1420 Walnut Street, Suite 1212, Philadelphia, PA 1910322 (215) 928-976023 133 H Gaither Drive, Mt. Laurel, NJ 0805424 (856) 235-5108

212 BOARD OF GOVERNORS:3 MARK W. OLSON4 SAUNDRA BRAUNSTEIN5 LEONARD CHANIN6 MICHAEL COLLINS7 PANEL I:8 JANICE BOWDLER9 DOUGLAS G. DUNCAN10 IRA GOLDSTEIN11 PETER ZORN12 PANEL II:13 IRV ACKELSBERG14 DAVID BERENBAUM15 DAVID BLEICKEN16 JOE FALK17 JACK GUTTENTAG18 PANEL III:19 LORETTA ABRAMS20 BRUCE DORPALEN21 ERIC EVE22 MARK PINSKY23 ERIC STEIN24

31 (Whereupon, the proceedings commenced2 at 8:30 a.m.)3 GOVERNOR OLSON: We will begin. We4 have all but one of our panelists. I understand5 one of the panelists, Ira Goldstein, is in route,6 and we have two of the four representatives from7 the Fed system. I'm sure the other two will be8 here shortly.9 Let me, first of all, thank10 Philadelphia Fed for hosting these meetings this11 morning and providing us with the facilities.12 These are extraordinarily useful sessions. We13 finished the session in Chicago on Wednesday, and14 we're happy to be here today.15 We've got -- just to talk through, if I16 can, in order to make the best use of the time,17 we've asked each of the panelists to give us a18 five-minute opening statement, and after the19 five-minute statement, what you will get, and20 would you show them the signs, so that they know.21 The first is one minute, the second is, time is22 up. There's not a lot of ambiguity in those, and23 we tend to enforce those pretty rigorously, and24 because of that fact, what we've discovered is

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