The Federal Reserve System will sponsor a national summit on September 1 and 2 to discuss methods and resources for encouraging neighborhood stabilization in the aftermath of the U.S. home mortgage foreclosure crisis. The forum will showcase findings from Federal Reserve research and policy efforts, including the release of the publication REO and Vacant Properties: Strategies for Neighborhood Stabilization.
People living in communities with vacant properties face declining property values, loss of public services due to reduced tax revenue and increased levels of crime. The summit will examine practical and tested strategies that nonprofit organizations, local and regional governments, federal officials, and lenders can use to mitigate the impact of vacant and real estate owned (REO) property—property held on the books of banks, typically after failure to sell at foreclosure auction.
Summit speakers include Governor Duke; U.S. Department of Housing and Urban Development Secretary Shaun Donovan; Federal Reserve Bank Presidents Charles Evans (Chicago), Sandra Pianalto (Cleveland), Eric Rosengren (Boston); and representatives of various sectors involved in the foreclosure process and community stabilization efforts.
See press release for details.
