Events > Confronting the Neighborhood Impacts of Foreclosure

This event was by invitation only. Presentation materials and best practices will also be published online as they become available.

Past Event

Confronting the Neighborhood Impacts of Foreclosure | Oct. 20, 2008

Federal Reserve Board | Washington, DC

Hosted by the Board of Governors of the Federal Reserve System

The seminar explored a range of policy topics discussed throughout the Recovery, Renewal, Rebuilding series. Sessions during the symposium (subject to change) included:

• Effectively Utilizing and Leveraging National Resources to Address Abandonment: This session provided a discussion on how communities can most effectively access and leverage federal and other national resources. The panel discussed how communities can best utilize new community resources under the Housing and Economic Recovery Act of 2008 and the newly created National Communities Stabilization Trust. The session highlighted efforts to quickly develop scalable model implementation and distribution strategies for taking control and disposing of vacant properties.
• Navigating Ownership and Control of Vacant Property: Panelists explored effective methods for contacting and working with loan servicers to transfer ownership of vacant properties to municipalities and non-profit organizations. The role of data in tracking ownership was discussed, as well as current challenges and barriers to adequate vacant property data collection and analysis. This session explored methods that communities can use to increase the volume and speed of property transfer.
• Pricing and Valuation Model of Vacant Properties: A large barrier to selling and reusing vacant property is the inability for market participants to determine an agreed upon value for foreclosed properties. This session discussed issues in pricing vacant property, and valuation methods for such properties that could be used by servicers, municipalities, non-profits and other key market participants.
• Models of Vacant Property Disposition: Panelists examined promising collaborative techniques being employed to take control of and dispose of Real Estate Owned (REO) properties. This session stressed strategies used by both weak and strong market players to create rental housing, sell properties for homeownership, and/or demolish vacant properties.

Presentation materials

Agenda (PDF)

Opening

Welcome (video) (MP3)
Sandra Braunstein, Federal Reserve Board

Summary of Main Findings from Federal Reserve System Foreclosure Series

Summary of Recovery, Renewal, Rebuiling Events (PDF) (video) (MP3)
Alfreda Norman, Federal Reserve Bank of Dallas, and
Scott Turner, Federal Reserve Bank of San Francisco

Effectively Utilizing and Leveraging National Resources to Address Abandonment

Introduction by Moderator (video) (MP3)
Ellen Fitzgerald, NeighborWorks America

Thinking strategically about the Neighborhood Stabilization (NSP) program (PDF) (video) (MP3)
Alan Mallach, National Housing Institute

Introduction to the National Community Stabilization Trust (video) (MP3)
Craig Nickerson, National Community Stabilization Trust

Youngstown 2010: Sharing A Vision for a Better Tomorrow (PDF) (video) (MP3)
Mayor Jay Williams, City of Youngstown, OH

Q&A (video) (MP3)

Navigating Ownership and Control of Vacant Property

Introduction by Moderator (video) (MP3)
Juan Sanchez, Federal Reserve Bank of Atlanta

Navigating Ownership and Control of Vacant Property: Neighborhood Housing Services of Chicago (PDF) (video) (MP3)
Bruce Gottschall, Neighborhood Housing Services of Chicago

The HOPE NOW Alliance (video) (MP3)
Faith Schwartz, HOPE NOW Alliance

National Community Stabilization Trust (PDF) (video) (MP3)
Mary Tingerthal, Housing Partnership Network

Q&A (video) (MP3)

Lunch Speaker

How the Current Economic Crisis will Change the Nature if Community Development (video)
Jeremy Nowak, The Reinvestment Fund

Pricing and Valuation of Vacant Properties

Introduction by Moderator (video) (MP3)
David Buchholz, Federal Reserve Board

Macroeconomic Conditions and Home Valuations (PDF) (video) (MP3)
Karen Dynan, Federal Reserve Board

Pricing and Valuation of Vacant Properties: Developing a Neighborhood Stabilization Approach (PDF) (video) (MP3)
Charles Laven, Forsyth Street Advisors

Pricing and Valuation (video) (MP3)
Donna Sheline, JP Morgan Chase

Q&A (video) (MP3)

Models of Vacant Property Disposition

Introduction by Moderator (not available)
Ruth Clevenger, Federal Reserve Bank of Cleveland

Models of Vacant Property Disposition: Los Angeles Housing Department (PDF) (video) (MP3)
Mercedes Márquez, Los Angeles Housing Department

Foreclosed Properties in Massachusetts: Early Responses (PDF) (video) (MP3)
Prabal Chakrabarti, Federal Reserve Bank of Boston

Strategies for Transforming Vacant and Abandoned Properties from Liabilities To Assets (PDF) (video) (MP3)
Daniel Kildee, Genesee County

Models for Vacant Property Disposition and Community Stabilization (PDF) (video) (MP3)
Mark McDermott, Enterprise Community Partners

Q&A (video) (MP3)

Closing

Summary of Key Points (video) (MP3)
Allen Fishbein, Federal Reserve Board