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Keywords:Foreclosure 

Journal Article
RHOPI perspectives: the Federal Reserve Bank of Chicago

The Chicago Fed and the Federal Reserve System have a longstanding interest in the causes and ramifications on unstable housing markets and high foreclosure rates, The Federal Reserve System helped to establish what is now known as NeighborWorks America, the umbrella organization for national nonprofit housing enterprise with 250 offices of which Neighborhood Housing Services of Chicago (NHS) is an affiliate, one that is nationally recognized for its work in revitalizing neighborhoods, and more recently, stemming foreclosures. A member of the Federal Reserve Board of Governors, currently ...
Profitwise , Issue Dec , Pages 1-4

Journal Article
Stripdowns and bankruptcy: lessons from agricultural bankruptcy reform

One type of financial reform being proposed to deal with the aftermath of the housing crisis is allowing bankruptcy judges the authority to modify residential mortgages in a way referred to as a stripdown. The reform is seen by some as a partial solution to the rise in foreclosures and as a Pandora?s box by others. But the debate is not new one. The 1980s farm foreclosure crisis sparked similar proposals and concerns. Congress decided to enact legislation that contained a stripdown provision, resulting in the creation of Chapter 12 in the bankruptcy code. The effects of Chapter 12 stripdown ...
Economic Commentary , Issue Aug

Journal Article
Addressing mortgage delinquencies and foreclosures

Numerous programs, partnerships and other efforts--led by public, private and nonprofit organizations--are under way to reduce the number of delinquencies and foreclosures.
e-Perspectives , Issue 1

Speech
Housing and the economic recovery

Remarks at the New Jersey Bankers Association Economic Forum, Iselin, New Jersey.
Speech , Paper 73

Journal Article
Repairing the damage

TEN , Issue Spr , Pages 20-27

Working Paper
Consumption in the Great Recession: The Financial Distress Channel

During the Great Recession, the collapse of consumption across the U.S. varied greatly but systematically with house-price declines. We find that financial distress among U.S. households amplified the sensitivity of consumption to house-price shocks. We uncover two essential facts: (1) the decline in house prices led to an increase in household financial distress prior to the decline in income during the recession, and (2) at the zip-code level, the prevalence of financial distress prior to the recession was positively correlated with house-price declines at the onset of the recession. Using ...
Working Papers , Paper 2019-25

Journal Article
The Great Recession and confidence in homeownership

Confidence in homeownership shifts for those who personally experienced real estate loss during the Great Recession. Older Americans are confident in the value of homeownership. Younger Americans are less confident.
Communities and Banking , Issue Spring , Pages 28-30

Journal Article
Nonprime loans: a view from the local level

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

Discussion Paper
The social impact of home rehabilitation in low-income neighborhoods

While economists and others have studied the impact of abandoned foreclosed homes on nearby home prices and crime, very few scholars have attempted to understand the impact of abandonment and rehabilitation on neighborhood social conditions. The foreclosure crisis of 2005-2010 led to a concentration of abandoned foreclosed homes in disadvantaged neighborhoods and these neighborhoods became the targets of a policy intervention, the Neighborhood Stabilization Program. This study employs a mixed-method longitudinal approach to investigate the impact of this foreclosed home rehabilitation policy ...
Public and Community Affairs Discussion Papers , Paper 2013-1

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