Wednesday, October 27, 2010

Addressing the Impact of the Foreclosure Crisis (FRB Press release)

A new publication, Addressing the Impact of the Foreclosure Crisis, details the innovative, community-based foreclosure prevention and neighborhood stabilization activities sponsored by the Federal Reserve as part of its Mortgage Outreach and Research Efforts (MORE) initiative.

The presidents of the 12 Federal Reserve Banks worked collaboratively with the Board of Governors to launch MORE in 2009. The initiative seeks to employ the Federal Reserve System's substantial expertise in mortgage markets in ways that are useful to policymakers, community organizations, financial institutions, and the public.

Highlights of the MORE group's work include bringing together housing advocates, lenders, academics, and key government officials to discuss foreclosure issues and develop solutions; partnering with the U.S. Departments of Labor and Treasury and the HOPE NOW Unemployment Task Force to assist unemployed homeowners at risk of losing their homes to foreclosure; developing online Foreclosure Resource Centers at each Reserve Bank and the Board of Governors; and sponsoring and distributing research on the foreclosure crisis, including studies on financial literacy and foreclosure prevention.

Additional information about the System's MORE activities is available in the online version of Addressing the Impact of the Foreclosure Crisis. Leaving the Board

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