Thank you, Stephen.  It is certainly a pleasure to be here this morning and join this distinguished panel to discuss one of the cornerstones to helping people from all walks of life build the foundation to attaining the American Dream of home ownership. 

I am pleased to report to you today on the successful results of the National Credit Union Administration’s work in partnership with the nation’s credit unions through the agency’s “Access Across America” initiative.  This initiative focuses on creating economic empowerment for families and communities across America, and one of its primary goals is to improve access for more Americans to an additional source for affordable mortgages.

Credit unions have been a significant source of mortgage lending over the years.  In fact, 2001 was a record year in credit union mortgage lending.  But credit unions can become an even greater source to provide access to mortgage financing for the American public, thus presenting a tremendous opportunity to help many of their neighbors achieve the American dream of home ownership.

However, before people may obtain a mortgage they first need access.  Access to affordable financial services becomes absolutely critical in achieving the goals we are here today to discuss.  I am pleased to report that America’s credit unions are answering the call in unprecedented numbers to provide much needed access to affordable financial products and services in underserved areas and communities that need it most.

The American dream of home ownership and financial self-sufficiency will seldom be realized if an individual’s primary financial institution is a pawnshop, check casher or rent-to-own company.

At NCUA, we have focused on fostering a regulatory environment rooted in both safety and soundness and earned flexibility which encourages and empowers credit unions to adopt underserved or “unbanked” areas into a credit union’s field of membership. Since 2001, as a result of removing unnecessary regulatory impediments and through the streamlining of the approval process for adopting underserved areas, federal credit unions have adopted over 585 areas with a potential membership of over 33 million Americans who will now have access to credit union financial services. In the first nine months of 2002, building upon last year’s successes, 184 credit unions expanded into these underserved areas providing access to over 17 million potential members.

Through “Access Across America,” NCUA encourages and facilitates partnership opportunities for credit unions with a number of governmental and private sector organizations such as the Department of Housing and Urban Development, Department of Agriculture, Neighborhood Reinvestment Corporation, Fannie Mae and Freddie Mac, among others.

Partnerships such as these on the national level and local partnerships between individual credit unions and community organizations have resulted in some incredible success stories.  I recently visited the Resurrection Heights and Villas de San Antonio subdivisions in San Antonio, Texas and saw firsthand the positive difference a credit union-community partnership can make in the lives of minority first time homeowners like Yvonne Sandoval who so proudly toured me through her new home and did not say it was possible solely because her credit union made her a mortgage but it was because her credit union cared whether she owned a home.

Credit unions can and will continue to play a vital role in our nation’s economy, and in families and communities across America.  Rising to meet the President’s home ownership challenge and building on the blueprint of the American Dream is a responsibility for all of us.  Given their long history of providing financial service to folks from all walks of life, I am certain credit unions will be up to this important challenge.

Stephen, thank you very much for the privilege of participating.