being asserted, documents signed by individuals who are not properly authorized to make such claims or assertions, notarized signatures on documents that were not executed in the presence of a notary or that have other violations of proper notary procedures, and documents that contain inaccurate amounts, dates, or other facts. lenders and servicers are responsible for ensuring that the person who signs a document is duly authorized and has appropriate knowledge obtained from a review of the case. in addition, servicers and lenders are responsible for ensuring the accuracy of records and the facts recited in the documents. state law and local real estate recording requirements govern recordation of real estate and mortgage title transfers. given the multiple transfers of mortgage loans over time, concerns have been raised about investors ’ or servicers ’ right to foreclose. although state - by - state practices vary considerably, generally the note holder has the right to initiate foreclosure if an original note can be produced and the current holder ’ s ownership is able to be verified in some fashion. if there is no controversy concerning ownership of the note, but rather an inability to locate original documents, processes usually exist that allow for a foreclosure to proceed, albeit at some cost and delay. if there is some question of ownership, the investor or servicer may be required to produce evidence of ownership before a foreclosure can proceed. matters regarding real estate titles and foreclosures are generally governed by state law, and the 50 state attorneys general have undertaken a joint review of lenders and servicers and the reported problems in foreclosures. in addition, numerous federal agencies have launched investigations, including examinations in process by the federal financial regulators. interagency examinations the federal reserve has supervisory and regulatory authority for bank holding companies, approximately 800 state - chartered banks that are members of the federal reserve system ( state member banks ), and certain other financial institutions and activities. we work with other federal and state supervisory authorities to ensure the safety and soundness of the banking industry, foster the stability of the financial system, and provide for fair and equitable treatment of consumers in their financial transactions. as the consolidated supervisor of bank holding companies, including financial holding companies, the federal reserve conducts inspections of those institutions. the federal reserve is involved in both regulation, which involves establishing the rules within which banking organizations must operate, and supervision, which entails ensuring that banking organizations abide by those rules and remain, overall, in safe and sound

alan greenspan : jackson hole conference - closing remarks closing remarks by mr alan greenspan, chairman of the federal reserve board of governors, at a symposium sponsored by the federal reserve bank of kansas city, jackson hole, wyoming, 27 august 2005. * * * the federal reserve will almost surely face as many uncertainties over the next eighteen years as it has over the past eighteen. technology continues to bring rapid change and, hence, considerable uncertainty, to the global marketplace. monetary policy, supervision and regulation activities, and payments system operation will need to be calibrated to respond to the influences of that technological change. other forces will be at work on the economic environment as well. the inexorable aging of our population will markedly influence the policy milieu in the years ahead. monetary policy, for example, cannot ignore the potential inflationary pressures inherent in our current fiscal outlook, especially those that could arise in meeting commitments to future retirees. however, i assume that these imbalances will be resolved before stark choices again confront us and that, if they are not, the fed would resist any temptation to monetize future fiscal deficits. we had too much experience with the dangers of inflation in the 1970s to tolerate going through another bout of dispiriting stagflation. the consequences for both future workers and retirees could be daunting. nearer term, the housing boom will inevitably simmer down. as part of that process, house turnover will decline from currently historic levels, while home price increases will slow and prices could even decrease. as a consequence, home equity extraction will ease and with it some of the strength in personal consumption expenditures. the estimates of how much differ widely. the surprisingly high correlation between increases in home equity extraction and the current account deficit suggests that an end to the housing boom could induce a significant rise in the personal saving rate, a decline in imports, and a corresponding improvement in the current account deficit. whether those adjustments are wrenching will depend, as i suggested yesterday, on the degree of economic flexibility that we and our trading partners maintain, and i hope enhance, in the years ahead. on monetary policy, i envision a continuous refinement of our risk - management paradigm. i presume maximum sustainable economic growth will continue to be our goal, with price stability pursued as a necessary condition to promote that goal. to date, we have chosen not to formulate explicit inflation targets, in part, out of concern that they could inhibit