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Journal Article
Learning from the past: the asset disposition experiences of the Home Owners' Loan Corporation, The Resolution Trust Corporation, and the Asset Control Area Program
Seidman, Ellen; Jakabovics, Andrew (2009)
While there is little to celebrate in the current foreclosure disaster, one potential silver lining in the large number of bank-owned properties is the opportunity to turn those properties into community assets. A May 2008 conference hosted by the Furman Center for Real Estate and Urban Policy at New York University and sponsored by the Ford Foundation brought together policy experts and practitioners to share best practices for "Transforming Foreclosed Properties into Community Assets." Most of the discussion focused on what can be done by partners working together at the local level. The ...
Community Development Innovation Review , Issue 1 , Pages 43-52

Journal Article
Nonprime loans: a view from the local level
Newberger, Robin G.; DiFranco, Daniel (2009-06)
This article presents information on the location of subprime and Alt-A mortgages ("nonprime" loans) in the five states within the Federal Reserve Bank of Chicago?s district (Illinois, Indiana, Iowa, Michigan, and Wisconsin). The purpose is to identify the zip codes and communities most affected, or at risk of being affected, by foreclosures. We present a series of maps that show the zip codes with the highest numbers and highest concentrations of subprime and Alt-A loans, as well as the past-due and foreclosure rates in these neighborhoods. For illustration purposes in the print version ...
Profitwise , Issue Jun , Pages 1-11

Working Paper
Reducing foreclosures: no easy answers
Goette, Lorenz; Gerardi, Kristopher; Foote, Christopher L.; Willen, Paul S. (2009)
This paper takes a skeptical look at a leading argument about what is causing the foreclosure crisis and what should be done to stop it. We use an economic model to focus on two key decisions: the borrower's choice to default on a mortgage and the lender's subsequent choice whether to renegotiate or modify the loan. The theoretical model and econometric analysis illustrate that unaffordable loans, defined as those with high mortgage payments relative to income at origination, are unlikely to be the main reason that borrowers decide to default. In addition, this paper provides theoretical ...
FRB Atlanta Working Paper , Paper 2009-15

Journal Article
Texas dodges worst of foreclosure woes
Petersen, D'Ann M.; Assanie, Laila (2009-10)
The housing bust leaves in its wake elevated foreclosure levels in Texas and the U.S. Like other consequences of the bust, including declines in construction and existing-home sales, foreclosures have been less severe in Texas. While the nation's foreclosure rate has grown nearly sixfold over the last four years, Texas' has climbed only marginally. ; Housing markets in Texas and the U.S. have shown signs of stabilizing in recent months. Home sales and construction starts are beginning to tick up, thanks in large part to low mortgage rates and the first-time homebuyer tax credit. Despite the ...
Southwest Economy , Issue Q4 , Pages 11-14, 16

Speech
Remarks at the Federal Reserve Conference on REO and Vacant Property Strategies for Neighborhood Stabilization.
Rosengren, Eric S. (2010)
Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, for the Federal Reserve Conference on REO and Vacant Property Strategies for Neighborhood Stabilization, Washington, D.C., September 2, 2010
Speech , Paper 36

Journal Article
Foreclosure metrics
Venkatu, Guhan; Dunne, Timothy (2009-04)
As the foreclosure crisis deepens, increased attention is being paid to foreclosure statistics, which are often used to judge the intensity of foreclosure problems both within and across regions. However, these statistics need to be interpreted carefully; different foreclosure statistics embed different information, and making informative comparisons with various metrics requires understanding how each is constructed.
Economic Commentary , Issue Apr

Journal Article
Neighborhood stabilization & land banking
Alexander, Frank S. (2009-07)
Land banking helps communities that acquire foreclosed properties to retain them until market demand returns. Today the Housing and Economic Recovery Act of 2008 provides support for using land banking in neighborhood stabilization efforts.
Communities and Banking , Issue Sum , Pages 3-5

Journal Article
Spotlight: Texas subprime mortgages: metros vary on risky loans--and delinquencies
Kumar, Anil; Di, Wenhua (2009-01)
The current financial crisis has brought a severe decline in subprime mortgage lending. Like the nation, Texas and its metros still have exposure to existing loans. Housing prices, unemployment and overall economic activity will play a significant part in determining how many of them run into trouble.
Southwest Economy , Issue Q1 , Pages 7

Working Paper
Foreclosure delay and consumer credit performance
Lang, William W.; Calem, Paul S.; Jagtiani, Julapa (2014-03-09)
Superseded by Working Paper 15-24.The deep housing market recession from 2008 through 2010 was characterized by a steep increase in the number of foreclosures. Foreclosure timelines ? the length of time between initial mortgage delinquency and completion of foreclosure ? also expanded significantly, averaging up to three years in some states. Most individuals undergoing foreclosure are experiencing serious financial stress. However, extended foreclosure timelines enable mortgage defaulters to live in their homes without making housing payments until the completion of the foreclosure process, ...
Working Papers , Paper 14-8

Journal Article
Housing's great fall: putting household balance sheets together again
Emmons, William R. (2009-10)
The simplest way to avoid another devastating housing crash and foreclosure crisis probably is to reduce household borrowing and, then, to keep it low.
The Regional Economist , Issue Oct , Pages 14-15

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