Federal Reserve Governor Susan Schmidt Bies remarked in a speech given at the National Credit Union Administration (NCUA) Risk Mitigation Summit on Jan 11, 2007, that competition for borrowers and declining profit margins have prompted lenders to loosen their credit standards to maintain loan volume in a slowing environment. Lenders had grown accustomed to rising home prices, which kept delinquencies low. In that environment, traditional underwriting became a luxury that some companies assumed they didn't need or couldn't afford. Delinquent mortgages with mortgage insurance (MI) have covered lenders' losses. MI could make a comeback as mortgage companies once again appreciate its ability to reduce their business risks.