The Federal Reserve said its research, community outreach and policy reviews are part of a detailed response to the nation’s foreclosure crisis, according to a new report. The 20-page report was released as part of a two-day joint housing and mortgage symposium sponsored by the Fed and the Federal Deposit Insurance Corp. that began Monday in Washington, D.C. The report, “Addressing the Impact of the Foreclosure Crisis,” details the activities of the Fed’s 12 presidents and the board of governors under the 2009 Mortgage Outreach and Research initiative. The document highlights the federal government’s efforts to respond to the crisis at a local level. Some of the Federal Reserve’s goals included improving communication about foreclosure prevention resources, learning more about what was happening on “Main Street,” developing policy responses and working with low- and medium-income communities. Accomplishments included:
- 24 foreclosure-related studies
- 287 foreclosure activities in 111 cities
- A review of federal programs and collaboration with federal agencies to help homeowners
- Meetings with national experts on policy issues
The symposium began with a speech by Fed Chairman Ben Bernanke on regulator’s role in investigating the recent foreclosure scandal involving “robo-signing.” Federal banking agencies are conducting an in-depth review of practices at the nation’s largest mortgage servicing operations as a result of reported irregularities in foreclosure practices, Bernanke said. Preliminary results are expected next month. Sarah Mueller is an editorial assistant with HousingWire.
