Details

Autor(en) / Beteiligte

• Newberger, Robin G
• Berry, Michael V

Titel

Responding to the foreclosure crisis-A conference summary

Ist Teil von

• Chicago Fed Letter, 2010-04 (273b), p.1

Ort / Verlag

Chicago: Federal Reserve Bank of Chicago

Erscheinungsjahr

2010

Quelle

EZB Electronic Journals Library

Beschreibungen/Notizen

• The Chicago Fed has a long-standing commitment to addressing the causes and impacts of foreclosure, particularly in lower-income, lower-wealth areas of the Seventh District. During the current financial crisis, foreclosures have reached historic levels in some communities. The December conference brought together national experts from the advocacy, academic, financial, and government communities. This Chicago Fed Letter summarizes various proposals made by panelists, particularly concerning individual borrower defaults and the flow of credit for single- and multi-family housing. In a keynote address, Federal Reserve Board Governor Elizabeth Duke outlined her recommendations for a new market structure. While there are no easy fixes, a few common principles for addressing this crisis emerged from the various recommendations. One was that the federal government should treat the states as partners in mitigating foreclosures, recognizing that many state and local governments are already working on ways to keep people in their homes.