News & Events
New Video Explains Independent Foreclosure Review Process
The Federal Reserve Board's new video explains how borrowers who believe they were financially harmed during the mortgage foreclosure process in 2009 and 2010 can apply for an independent foreclosure review. The deadline to apply has been extended to December 31, 2012. [ video in English
| video in Spanish
press release ]
Preventing Mortgage Fraud and Foreclosure Scams: The Atlanta Fed and other government agencies invite you to participate in a webinar on February 28 on mortgage fraud and foreclosure scams prevention. The intended audience includes lenders, housing counselors, real estate agents, appraisers, regulatory/governmental entities, and consumers.
Note: To view the archived webinar and related materials, visit the website. You will be required to register before accessing the webinar.
The Federal Reserve Board published a white paper January 4, 2012, on current conditions in the U.S. housing market. The paper provides a framework for thinking about some of the key housing policy issues and discusses options that policymakers might consider.
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury released the May 2011 issue of the current administration's "housing scorecard," which features assessments of efforts to stabilize the housing market.
HUD launched a public information campaign in Miami, Chicago, and Los Angeles called "Know It. Avoid It. Report It." This campaign educates homeowners facing foreclosure on where to find resources and housing counselors that they can consult about their situation, as well as on steps they can take to protect themselves from foreclosure fraud scams. The campaign especially focuses on homeowners in Hispanic and African American neighborhoods and on borrowers who tend to be targeted more often by unethical foreclosure rescue scams.
Federal Reserve Vice Chair Janet L. Yellen discussed housing market developments and their effects on low- and moderate-income neighborhoods at the 2011 Federal Reserve Bank of Cleveland Policy Summit on June 9.
The creators of Foreclosure-Response.org have compiled the newest data for the month on seriously delinquent mortgages for all 366 U.S. metro areas. The data and accompanying analyses are available at Foreclosure-Response.org.
The U.S. Department of Housing and Urban Development has launched a consumer awareness anti-scam campaign to help homeowners avoid falling victim to loan modification scammers.
The National Community Reinvestment Coalition has released a report titled "Rebuilding Communities in Economic Distress: Local Strategies to Sustain Homeownership, Reclaim Vacant Properties, and Promote Community-Based Employment." This paper highlights innovative approaches that state and local governments, community-based organizations, financial institutions, and other stakeholders have developed to stabilize communities, often with limited resources. The report presents a list of best practices from across the nation to avoid foreclosure, sustain homeownership, reclaim vacant and abandoned properties, and enhance local employment that stakeholders can incorporate into their redevelopment plans to improve the prospects for a sustainable economic recovery.
The U.S. Department of the Treasury's Homeownership Preservation Office, in partnership with the U.S. Department of Housing and Urban Development, NeighborWorks, and the HOPE NOW Alliance, will host two Foreclosure Prevention workshops in Florida on November 16 (Palm Beach) and November 18 (Miami). Homeowners with mortgage loan problems are encouraged to attend these events to connect with their lenders and identify alternatives to foreclosure.
Booklet on Mortgage Outreach
and Research Efforts Now Online
New publication, called "Addressing the Impact of the Foreclosure Crisis," offers information on a wide range of Federal Reserve initiatives.
The Federal Reserve System has released a collection of research articles and commentaries on the challenge of stabilizing foreclosure-ravaged neighborhoods. REO and Vacant Property Strategies for Neighborhood Stabilization is a companion piece to the conference hosted by the Board of Governors on September 1–2, 2010, in Washington, D.C. Speakers included Federal Reserve Governor Elizabeth Duke and U.S. Department of Housing and Urban Development Secretary Shaun Donovan. Learn more about the book, or download it in its entirety. You can also view the conference agenda, speech transcripts, and video.
The Hope Now Alliance will offer foreclosure clinics throughout the Gulf Coast September 21–25. Foreclosure counselors and participating banks will be able to work with homeowners who have mortgage loan problems.
The U.S. Department of Housing and Urban Development, or HUD, has announced a new $1 billion zero-interest mortgage loan program to help struggling homeowners who are at risk of foreclosure. These loans will be a maximum of $50,000, based on eligibility. This program targets the 33 states that did not receive hardest-hit funds—including the state of Louisiana.
Two federal programs will offer additional support to homeowners struggling to make their mortgage payments because of unemployment, underemployment, or a medical condition. The U.S. Department of the Treasury will make $2 billion available through the existing Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (HFA Hardest Hit Fund). The U.S. Department of Housing and Urban Development will soon launch a $1 billion complementary Emergency Homeowners Loan Program to provide assistance for up to 24 months to these homeowners.
Federal agencies issued final rules to implement the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). The new regulation includes registration requirements for covered mortgage loan originators that will then be assigned a unique identifier.
NeighborWorks Foreclosure Hotline 800-995-HOPE
Information to help homeowners with problem mortgage loans identify alternatives to foreclosure and better communicate with counselors and lenders in finding solutions.
Consumer Mortgage Information, Board of Governors
Facing the Risk of Foreclosure? Answers to Frequently Asked Questions on Foreclosure Prevention | Español
KnowYourOptions.com, Fannie Mae
Foreclosure Avoidance Counseling, Department of Housing and Urban Development
Foreclosure Prevention Workshops for Consumers, Freddie Mac
Foreclosure Resources for Consumers, Board of Governors
Beware of Fraud
5 Tips for Avoiding Foreclosure Scams
Foreclosure Rescue Scams: Real Estate Fraud Prevention and Awareness Español
Loan Modification Scam Alert (Learn about and report potential scams)
Foreclosure Rescue Scams, Federal Trade Commission
Renters Toolkit, National Low Income Housing Coalition
Dealing with Home Equity Line Freezes and Reductions
How to File a Bank Complaint, Federal Reserve Consumer Help
Resources to help community leaders assess their foreclosure situation, reduce preventable foreclosures, provide support to troubled homeowners, and stabilize neighborhoods.
Foreclosure Mitigation Toolkit
This resource helps communities identify and address high-risk neighborhoods and homeowners by providing information on foreclosure alternatives and resources available to assist in educating and counseling consumers with problem mortgage loans.
Neighborhood Stabilization Program (NSP3)
The U.S. Department of Housing and Urban Development (HUD) has announced $1 billion in grants for the third round of the Neighborhood Stabilization Program (NSP3). State and local governments can use their grants to acquire land and property, demolish or rehabilitate abandoned properties, or offer assistance with down payments and closing costs to low- and moderate-income homebuyers. To see a list of the NSP3 grantees, with allocations, by state, please visit the HUD website.
Created by NeighborWorks America and designed to help communities respond to local problems that arise when foreclosed homes remain vacant, the site enables community development practitioners to share success stories and learn what works to reverse the many negative impacts of foreclosure.
REO and Vacant Property Strategies for Neighborhood Stabilization
A summit examining the effects of foreclosed and vacant properties on the community was held September 1 and 2, 2010, at the Federal Reserve Board in Washington, D.C.
Foreclosure Response podcast series
Through this series of twelve interviews, experts on various facets of foreclosure—from neighborhood impacts to loan modifications to new strategies—engage listeners in understanding problems and advancing solutions.
Freddie Mac Foreclosure Prevention Workshops for Consumers
This resource allows consumers to find workshops on foreclosure prevention in their communities.
Find quick references and contacts for foreclosure prevention assistance and other information in your state.
Research & Publications
Research, publications, speeches, and data related to foreclosure and stabilization activity throughout the Sixth District and the nation.
Foreclosure Response podcast series
The Accumulation of Foreclosed Properties: Trajectories of Metropolitan REO Inventories during the 2007–2008 Mortgage Crisis,
Dan Immergluck, Federal Reserve Bank of Atlanta Discussion Paper 02-08 (December 15, 2008)
Intrametropolitan Patterns of Foreclosed Homes: ZIP-Code-Level Distributions of Real-Estate-Owned (REO) Properties during the U.S. Mortgage Crisis, Dan Immergluck,
Federal Reserve Bank of Atlanta Discussion Paper 01-09 (April 21, 2009)
Community Response to the Foreclosure Crisis: Thoughts on Local Interventions,
Federal Reserve Bank of Atlanta Discussion Paper 01-08 (October 10, 2008)
Mitigating the Impact of Foreclosure on Neighborhoods, Speech by Fed Governor Randall S. Kroszner
Mortgage Delinquency and Foreclosure Trends, quarterly reports on mortgage market conditions in the Southeastern states
Transforming Foreclosed Properties into Community Assets, New York University, Furman Center for Real Estate and Urban Policy
Using Data to Target Foreclosure Interventions, Michael Grover, Federal Reserve Bank of Minneapolis