ST. LOUIS — The Federal Reserve Bank of St. Louis has launched an online "Foreclosure Resource Center," providing information for homeowners, prospective homebuyers and community groups to help prevent foreclosures and lessen their negative influence on neighborhoods. The Center can be accessed at the Reserve Bank's homepage: www.stlouisfed.org (the link is on the right side of the page).
"The St. Louis Fed's Foreclosure Resource Center provides contact information for agencies that can help those homeowners who are in financial trouble or provide counsel for people who want to buy their first home," said Glenda Wilson, assistant vice president for community development with the Federal Reserve Bank of St. Louis. "For community leaders and those working in neighborhood groups, the center offers information on preserving and protecting the neighborhoods where foreclosures have occurred."
The Foreclosure Resource Center is part of the Federal Reserve System's response to the recent increase in mortgage foreclosures nationwide. Each Federal Reserve Bank will establish a similar center and tailor its resources to meet regional needs. In addition, the Federal Reserve has approved regulatory changes to protect homebuyers from unfair lending practices, including a prohibition on certain loans that do not ensure a buyer's ability to repay.
"These new rules are necessary and will go far in protecting consumers from unfair practices, as well as restoring confidence in our mortgage system," said Wilson. "But consumers need more than rules. They also need information and trusted sources, and that's what the Foreclosure Resource Center can provide."
With branches in Little Rock, Louisville and Memphis, the Federal Reserve Bank of St. Louis serves the Eighth Federal Reserve District, which includes all of Arkansas, eastern Missouri, southern Indiana, southern Illinois, western Kentucky, western Tennessee and northern Mississippi. The St. Louis Fed is one of 12 regional Reserve banks that, along with the Board of Governors in Washington, D.C., comprise the Federal Reserve System. As the nation's central bank, the Federal Reserve System formulates U.S. monetary policy, regulates state-chartered member banks and bank holding companies, provides payment services to financial institutions and the U.S. government, and promotes community development and financial education.
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