is, therefore, disheartening that learned journals have published such papers without due reference and consideration of the methodology adopted in conducting the research under reference. today, of course, with advanced statistical packages available, it is possible for the editors of the journals to check on the appropriateness of the statistical calculations made by the paper writers. since the ordinary readers of scientific papers are unable to gauge the wrongful way of handling econometrics by researchers, such studies by editors before papers are published become all the more important. in view of the gullibility of general readers, the misuse of econometrics in learned papers is akin to “ misselling ” that one finds in the market place when a seller has not fully apprised a buyer of the risks of buying a product. this type of mis - selling by researchers could be termed “ econometric dishonesty ” which they are not supposed to practise. researchers find a truth and not the truth the real world is vast and complex. hence, it cannot be mapped out by scientific research adequately, just like neurologists are unable to map out the human brain completely. what the science does is to discover only a flint of the truth in the vast real world. as such, there is no dearth of hypotheses which scientists could make and a dearth of theories which they can formulate. that is good news for prospective scientists. however, one theory which is valid today could be disproved by another theory to be formulated tomorrow. hence, all theories are subject to the same property : the property of refutability. in fact, karl popper ’ s argument was that if a theory cannot be refuted, then it does not become a theory. hence, any scientific research will discover only a truth and not the truth. this means that all scientific research studies undertaken in all the disciplines would produce only a relative truth and not the absolute truth. with all the scientific apparatuses, techniques and computing capacity available today, science still cannot reach out to the absolute truth. as such, the task of finding the absolute truth has been relegated to religion and mystics. this may be discouraging news for those who are engaged in scientific research. but, that has been the way of science throughout its history and such discovery of relative truth has been adequate for the purpose of building the human knowledge base and putting it to practical use by mankind. in the modern world, the discovery of absolute

. we appreciate the additional flexibility provided to the program by congress in eesa, in particular allowing up - front payments to junior lien holders that agree to release their claims. for some time, we have called upon lenders, investors, and servicers to aggressively pursue sustainable loss mitigation activities. for example, last year the federal reserve and the other banking agencies issued supervisory guidance to encourage mortgage lenders and servicers to pursue prudent loan workouts. we continue to support industry - led efforts, especially those of hope now, in pursuing flexible approaches to stem the rise in foreclosures and to deal with their effects. earlier this year, we embarked on a joint effort with neighborworks america on neighborhood stabilization to help communities develop strategies for addressing increases in foreclosures and vacant properties. the federal reserve system is strategically utilizing its presence around the country through its regional federal reserve banks and their branches to address foreclosures. our history of working closely at the local level with communities enables us to tailor activities to the specific needs of that area. our efforts have taken a variety of forms. we have employed economic research and analysis to target scarce resources to the communities most in need of assistance. we have provided community leaders with detailed analyses identifying neighborhoods at high risk of foreclosures. this information is helping local groups to better focus their borrower outreach and counseling efforts. in addition, we have sponsored or supported a wide range of activities in local communities. for example, the federal reserve system has sponsored a series of “ recovery, renewal, rebuilding ” forums in cities around the country in which key experts discussed the challenges related to real - estate owned inventories and vacant properties in strong and weak housing markets, and explored effective neighborhood stabilization policies. four events were held in various parts of the country earlier this year, and the series concluded with a fifth meeting of experts this past monday in washington. this series is just an example of many events. all told, the federal reserve system has sponsored or co - sponsored more than 80 events related to foreclosures since last summer, reaching more than 6, 000 attendees including lenders, counselors, community development specialists, and policymakers. we also have supported events that bring together borrowers with counselors, lenders, and servicers. in august, the federal reserve bank of boston partnered with the hope now alliance, neighborworks america, the kraft family, and the new england patriots charitable foundation, among many others,