Concerned that trends in defaults and foreclosures threaten to reverse recent gains in homeownership, particularly for low-income and minority borrowers, the four federal financial institution regulators hosted a series of six meetings called “Preserving Homeownership, Preserving Communities.” The series, held in six locations in California, Arizona, and Nevada, was designed to: 1) inform community development practitioners about the nature, causes, and extent of the problem; 2) provide a forum for sharing best practices in foreclosure prevention; and 3) create an opportunity for lenders, housing counselors, community groups, and governments to work together to develop a community-based strategy for reaching distressed borrowers and connecting them with appropriate counseling.

Almost 700 participants attended the six meetings, including representatives of local, state, and federal governments, both bank and non-bank lenders, brokers, housing counselors, community organizations, and academics. Each session featured a series of presentations on foreclosure data and foreclosure prevention best practices, and concluded with an open forum discussion of local needs and next steps. Depending on the extent of existing local efforts, the Federal Reserve is involved in creating new task forces to address the increase in foreclosures, supporting existing task forces, or conducting follow-up training and targeted discussions.

Share of Nonprime Mortgage Organizations that are Interest-Only
or have Payment Options

Click on a location to see the event’s agenda and PowerPoint presentations.