Federal Reserve Bank of San Francisco

Community Development

Community Development Financial Expertise Put in Service of Neighborhood Stabilization

Author(s):

April 2009

Community Development Investment Review

As we began 2009, communities across the United States faced an unprecedentedcrisis brought about by millions of mortgage foreclosures and chaos in the capital markets. More than one million homes stand vacant and home values have fallen in every major metropolitan area over the past year. Several icons of the capital markets—Lehman Brothers, Merrill Lynch, and Wachovia Bank—no longer exist, and others, including Fannie Mae and Freddie Mac, are deeply wounded.

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