The Federal Reserve System will sponsor a national summit Sept. 1 and 2 to discuss methods and resources for encouraging neighborhood stabilization in the aftermath of the 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.’
The summit, which will be held at the Federal Reserve Board in Washington, D.C., 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.
‘A foreclosure not only hurts the person who loses their home, it hurts their neighbors and their communities,’ said Federal Reserve Gov. Elizabeth A. Duke in a statement. ‘As delinquencies and foreclosures continue to increase, we must think creatively and focus our research, outreach, and community development efforts on ways to help these communities recover.’
Summit speakers include Duke; U.S. Department of Housing and Urban Development Secretary Shaun Donovan; Federal Reserve Bank Presidents Charles Evans (Chicago), Sandra Pianalto (Cleveland), and Eric Rosengren (Boston); and representatives of various sectors involved in the foreclosure process and community stabilization efforts.
Live video of the event will be available online at ustream.tv/channel/federalreserve.
SOURCE: Federal Reserve