Clearly, the recent mortgage crisis has highlighted the potential ramifications of a mortgage market that is not functioning well. [Home Mortgage Disclosure Act] data do not create the market or solve all market problems, but they do help us understand what is happening in the market. The time is certainly ripe for reviewing and revising the data elements, standards, and reporting formats.

Clearly, the recent mortgage crisis has highlighted the potential ramifications of a mortgage market that is not functioning well. Data do not create the market, but they do help us understand what is happening in the market... With the benefit of hindsight, we can now answer the question: Do policymakers have adequate and reliable data sufficient to assess market conditions and craft policy responses?