The Federal Reserve's Homeownership and Mortgage Initiative is a comprehensive strategy across the Federal Reserve System to provide information and outreach to prevent unnecessary foreclosures and to stabilize communities.
As part of that initiative, the Federal Reserve System is sponsoring Recovery, Renewal, Rebuilding, a series of forums on the subject of foreclosure. The series will be used to generate discussion on the after effect of the foreclosure crisis by asking the question—What next? These sessions explore the current state of communities experiencing significant foreclosures by exploring best practices, creative solutions, and building a framework for innovation for how communities are recovering, rebuilding and preparing for the future.
Federal Reserve Bank of St. Louis | St. Louis, Mo.
Hosted by the Federal Reserve Banks of Chicago, Minneapolis and St. Louis
This symposium provided participants with specific strategies that can help mitigate the negative impact of foreclosures on neighborhoods.
While much attention has rightfully focused on preventing foreclosures, communities are struggling already with the fallout from widespread foreclosures: vacant buildings, diminished tax revenue and displaced residents.
In low-cost real estate markets, the issues facing communities affected by foreclosures may be different from those in areas with stronger labor markets or less affordable housing.
National experts addressed the following key topics:
The target audience included government officials, state and local policymakers, community development organizations, affordable housing developers, business leaders, trade associations, lenders and servicers.
For information, call Cynthia Davis at 314-444-8761 or send her an e-mail at communitydevelopment@stls.frb.org.
Glenda Wilson, assistant vice president, Federal Reserve Bank of St. Louis
The Mortgage Crisis: Economic and Fiscal Implications for Metro Areas (PDF)
James Diffley, managing director, U.S. Regional Services Group, Global Insight
Moderator: Alicia Williams, vice president, Federal Reserve Bank of Chicago
Legal Remedies: Local Strategies to Mitigate Negative Effects of Foreclosures on Communities (PDF)
Mark Ireland, attorney, Foreclosure Relief Law Project, Housing Preservation ProjectFostering Neighborhood Recovery (PDF)
Andriana Abariotes, executive director, Twin Cities LISCAn Orientation and Insights on Right-Sizing Cities (PDF)
Kathryn Foster, director, The University at Buffalo Regional Institute
Introduction: Robert Schenk, senior vice president, Federal Reserve Bank of St. Louis
Facing the Mortgage Crisis: A New Model for Community Engagement (PDF)
Amy Shaw, vice president of education and community engagement, KETC St. Louis Public Television
[Also, "Facing the Mortgage Crisis": A KETC-TV Channel 9 Broadcast and Resource Guide for the St. Louis Region website is available here.]
Moderator: Matthew Ashby, senior community development specialist, Federal Reserve Bank of St. Louis
The Future of Municipal Finance: Fiscal and Economic Implications and Housing Finance: Local Impacts and Responses (PDF)
Christopher Hoene, director, Center for Policy and Research, National League of Cities,
and Michael Pagano, dean, College of Urban Planning and Public Affairs, University of Illinois at Chicago
Moderator: Michael Grover, manager, Community Affairs, Federal Reserve Bank of Minneapolis
Using Data and Research to Target Interventions (PDF)
Michael Schramm, Center on Urban Poverty and Community Development, Case Western Reserve UniversityNeighborhood Housing Markets and the Memphis Model: Linking Information to Neighborhood Action (PDF)
Phyllis Betts, founding director, Center for Community Building and Neighborhood Action, University of MemphisResident Engagement and Neighborhood Revitalization Strategies (PDF)
Matt Lasko, director of housing and community involvement, Detroit Shoreway Community Development Organization
Moderator: Jacqueline King, assistant vice president, Federal Reserve Bank of Minneapolis
New Approaches to Capital Formation and Interventions (PDF)
Tamir Novotny, program associate, Living CitiesTargeting Neighborhood Investment Strategies (PDF)
Ira Goldstein, director of policy and information services, TRFHousing Programs in Weak Market Neighborhoods: Rethinking Strategies Going Forward to Develop the Right Tools (PDF)
Alan Mallach, senior fellow, National Housing Institute; visiting scholar, Federal Reserve Bank of Philadelphia and The Brookings Institution
[Additional Resource: How to Spend $3.92 Billion: Stabilizing Neighborhoods by Addressing Vacant and Abandoned Properties, a discussion paper by Alan Mallach (PDF).]
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:
Agenda (PDF)
Welcome (MP3)
Sandra Braunstein, Federal Reserve Board
Summary of Recovery, Renewal, Rebuiling Events (PDF) (MP3)
Alfreda Norman, Federal Reserve Bank of Dallas, and
Scott Turner, Federal Reserve Bank of San Francisco
Introduction by Moderator (MP3)
Ellen Fitzgerald, NeighborWorks AmericaThinking strategically about the Neighborhood Stabilization (NSP) program (PDF) (MP3)
Alan Mallach, National Housing InstituteIntroduction to the National Community Stabilization Trust (MP3)
Craig Nickerson, National Community Stabilization TrustYoungstown 2010: Sharing A Vision for a Better Tomorrow (PDF) (MP3)
Mayor Jay Williams, City of Youngstown, OHQ&A (MP3)
Introduction by Moderator (MP3)
Juan Sanchez, Federal Reserve Bank of AtlantaNavigating Ownership and Control of Vacant Property: Neighborhood Housing Services of Chicago (PDF) (MP3)
Bruce Gottschall, Neighborhood Housing Services of ChicagoThe HOPE NOW Alliance (MP3)
Faith Schwartz, HOPE NOW AllianceNational Community Stabilization Trust (PDF) (MP3)
Mary Tingerthal, Housing Partnership NetworkQ&A (MP3)
How the Current Economic Crisis will Change the Nature if Community Development
Jeremy Nowak, The Reinvestment Fund
Introduction by Moderator (MP3)
David Buchholz, Federal Reserve BoardMacroeconomic Conditions and Home Valuations (PDF) (MP3)
Karen Dynan, Federal Reserve BoardPricing and Valuation of Vacant Properties: Developing a Neighborhood Stabilization Approach (PDF) (MP3)
Charles Laven, Forsyth Street AdvisorsPricing and Valuation (MP3)
Donna Sheline, JP Morgan ChaseQ&A (MP3)
Introduction by Moderator (not available)
Ruth Clevenger, Federal Reserve Bank of ClevelandModels of Vacant Property Disposition: Los Angeles Housing Department (PDF) (MP3)
Mercedes Márquez, Los Angeles Housing DepartmentForeclosed Properties in Massachusetts: Early Responses (PDF) (MP3)
Prabal Chakrabarti, Federal Reserve Bank of BostonStrategies for Transforming Vacant and Abandoned Properties from Liabilities To Assets (PDF) (MP3)
Daniel Kildee, Genesee CountyModels for Vacant Property Disposition and Community Stabilization (PDF) (MP3)
Mark McDermott, Enterprise Community PartnersQ&A (MP3)
Summary of Key Points (MP3)
Allen Fishbein, Federal Reserve Board