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The mortgage debacle and loan modifications
In today's increasingly sophisticated financial markets, loan modifications are often complex processes that involve multiple players with competing legal and financial interests. To better understand loan modifications, the Federal Reserve Bank of Cleveland hosted a one-day workshop in November 2007 featuring four financial and legal experts - Tony Saunders from Arizona State University, Steven Schwarcz from Duke University, Joseph Mason from Louisiana State University, and Kathleen Engel from Cleveland State University - who shared their knowledge and recommendations for possible solutions ...
Vacancy and abandonment: tackling the problem
Throughout the Fourth Federal Reserve District, communities are searching for effective approaches to the growing problem of vacant and abandoned properties.
Group Effects and Economic Outcomes
Peers and social groups have been implicated in individuals' decisions to drop out of school, quit work, go on welfare, commit crime, have children out of marriage, use controlled substances, and default on mortgages. Indeed, groups are often seen as central to these behaviors. Motivated by the belief that groups have both positive and negative effects on behaviors and outcomes, policymakers have long sought to manipulate the groups to which people are exposed through policies such as schools integration and the shift from high-rise public housing to scattered-site public housing. This report ...
Foreclosure differences across state lines
As we see in daily news coverage, the foreclosure crisis is on a national scale. Nevertheless, distinct phenomena of the crisis exist that are specific to different regions of the country, and even to different states. At the very least, our research calls for further study on state-by-state differences in mortgage-market regulation. The divergent experiences of Ohio's North Collinwood and Pennsylvania's Braddock neighborhoods are an insistent reminder to answer this call.
Financial education: what is it and what makes it so important?
Financial literacy is essential. By enabling people to make sound, knowledgeable decisions, it increases their prosperity and that of their communities. The Community Affairs Department at the Federal Reserve Bank of Cleveland surveyed financial institutions and community economic development organizations in the Fourth Federal Reserve District to find out how they design, deliver, and evaluate their financial education programs-and which methods have been most successful. This report shares the results of that survey.
Ohio and Pennsylvania: Two Approaches to Judicial Foreclosure Alternatives
As the number of foreclosures continues to rise across the country, many policymakers are creating alternatives to foreclosure. Two counties in the Federal Reserve's Fourth District?Cuyahoga County in Ohio, which encompasses Cleveland, and Allegheny County in Pennsylvania, encompassing Pittsburgh?have developed mediation and diversion programs aimed at mitigating the externalities associated with foreclosure, such as reduced property values and increased crime rates in surrounding neighborhoods.
Microenterprise: creating wealth for individuals and communities
This report provides a snapshot of microenterprise program providers in Ohio, focusing on the types of services offered, the locations and types of providing organizations, and the demographics of populations served.
Neighborhood Recovery and NSP1: Implementation in Select Fourth District Communities
The housing crisis in the United States has wrought changes to communities in every corner of the nation. Back in 2008, Congress's response was to create the Neighborhood Stabilization Program, or NSP, as part of the Housing and Economic Recovery Act (HERA), authorizing $3.92 billion for the program now known as NSP1 for local governments to mitigate negative impacts of foreclosures and vacancies through acquiring, rehabilitating, demolishing or redeveloping vacant and foreclosed homes. Undoubtedly, NSP1 was a small program compared to the enormous task of neighborhood recovery, and the funds ...
2003 Environmental Assessment Survey
The Community Affairs Office of the Federal Reserve Bank of Cleveland conducted an environmental assessment survey in early 2003 to better understand current trends affecting access to capital and credit in low- and moderate-income communities. Topics of interest included trends affecting financial institutions' ability to serve the credit needs of individuals and businesses; community reinvestment needs; local or regional economic conditions that are affecting community reinvestment and economic development; opportunities and threats at the grassroots level that are influencing access to ...
A path to housing opportunities, Cincinnati lending analysis
This report seeks to present the conditions and capacity of designated neighborhoods in Cincinnati with regard to housing, homeownership, and mortgage lending.