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Remarks by Under Secretary Robert K. Steel to the NYC Subprime Lending and Foreclosure Summit
New York, NY--Thank you, Scott, for your kind introduction. And let me also thank the Office of Thrift Supervision, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Reserve Bank of New York, and the City of New York for hosting this important summit.
Today's event has brought together some of the best minds in housing, finance, government, regulatory and academic research institutions to discuss the importance of housing, here in New York City and throughout the nation. I am optimistic that we will all agree on the significance of these issues and learn from each other about ways to address current challenges.
The Success of America's Housing System
The housing system in the United States is respected around the world. And our housing finance structure is a marvel in its size, scope, and efficiency. The strong American tradition of private ownership did not happen by accident; instead it has been fostered over many many years. As a society, we in this country have long felt that homeownership has many underlying benefits. For example, the late Edward Gramlich points out in his book that homeowners tend to save more, invest more in their children, and build more wealth than their neighbors in rental housing.
At the center of America's success in housing is our modern day housing finance system, which has produced high quality homes for millions of Americans and over time increased the homeownership rate to its current level of 68 percent.
For the rest of this article please feel free to visit www.treasury.gov.
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