The Federal Reserve Board and the Office of the Comptroller of the Currency have extended the deadline to request a free review of mortgage foreclosures under the Independent Foreclosure Review to Dec. 31, 2012. The new deadline gives borrowers five additional months to submit a request for review.
The Federal Reserve Board has also created a video that explains how eligible borrowers can request a review and potentially receive compensation. There are no costs associated with being included in the review, so consumers should beware of anyone who requests payment for assistance in connection with the Independent Foreclosure Review or any other foreclosure assistance program.
Read the Federal Reserve Board press release, which includes links to the video in English and Spanish, at www.federalreserve.gov/newsevents/press/bcreg/20120802a.htm. More information about the Independent Foreclosure Review, including instructions for applying online and a full list of servicers, is available at www.independentforeclosurereview.com.
The St. Louis Fed’s 2011 annual report includes an essay on the debt crisis facing many countries around the world, explaining in simple terms the roots of the current crisis in Greece and other parts of Europe. In his column, St. Louis Fed President and CEO James Bullard also addresses the crisis, calling it a wake-up call for the U.S. Other features include a message from Ward Klein, the new chairman of the board of the St. Louis Fed; lists of other board members, advisers and top managers; and highlights of the Bank’s work in 2011. Read the report at www.stlouisfed.org/publications/annual-report.
The St. Louis Fed’s quarterly news-letter will transition to an online-only publication beginning with the Spring 2013 issue. Please take a moment to ensure that we have an accurate way to alert you when issues are available by providing your e-mail address at www.stlouisfed.org/br/subscribe.
The April 2012 report of the biannual survey (formerly the Low- and Moderate-Income Survey) from the St. Louis Fed is now available. The survey gathers information from a wide array of community stakeholders across the Eighth Federal Reserve District in order to gain a better understanding of the challenges and economic well-being of LMI individuals and communities. Read the report at www.stlouisfed.org/community_development/community-outlook-survey/.
The Social Innovation Fund (SIF), an initiative of the Corporation for National & Community Service (CNCS), is conducting its third annual new grant competition. SIF expects to award $10-$15 million to as many as six new “intermediary” grantees. Each award will range from $1 million to $5 million per year, and will be renewable for up to five years. Award announcements are expected in August. Selected grantees will then match the funds dollar for dollar and make subgrants to promising nonprofit organizations in local communities. For more information about SIF and CNCS, visit www.nationalservice.gov/about/programs/innovation.asp.
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Fed in Print: An index of the economic research conducted by the Fed.