Foreclosure Resource Center

Moving Beyond the Foreclosure Crisis

An Abandoned House

The current high rate of foreclosure is both a chief policy concern and a key priority at the Federal Reserve Bank of Cleveland. Recent years have seen record numbers of foreclosures, with Fourth District states among those experiencing the highest foreclosure rates in the nation. Data show that foreclosure is a localized problem, concentrated both regionally and in certain neighborhoods. For example, subprime lending has occurred at a higher rate in low- and moderate-income communities, a fact that merits attention because subprime mortgages are more likely to end in foreclosure. In addition, vacant and abandoned properties can be a costly spillover effect from foreclosure, exacerbating a problem that many Fourth District communities experienced well before the most recent escalation of foreclosures. (Read more)


Impact on the Fourth District

Tools for the Fourth District

Foreclosure Mitigation Toolkit for Communities


Ohio’s Save the Dream
Provides a full range of foreclosure-related resources on homeownership counseling, servicer contacts, and the foreclosure process.
Don't Borrow Trouble
Cuyahoga County’s foreclosure prevention program
See all tools for Ohio


NeighborWorks Western Pennsylvania
NeighborWorks Western Pennsylvania offers an array of counseling services on topics ranging from homeownership and credit restoration to foreclosure mitigation.
Pennsylvania Housing Finance Agency
This organization aims to educate consumers about their options when faced with foreclosure; the site also contains contact information for foreclosure mitigation counseling agencies throughout Pennsylvania.
See all tools for Pennsylvania


West Virgina

West Virginia Division of Banking
The West Virginia Division of Banking’s website offers information and other resources on mortgages and credit, as well as specifics on how to file a complaint against an institution they supervise.
See all tools for West Virginia

In-Depth Research and Analysis

Events Sponsored by the Fed

  • June 18 & October 25, 2013
  • Redefining Rust Belt 
  • This four-part series involves convening community leaders from the cities of Baltimore, Cleveland, Detroit, and Philadelphia in an exchange by videoconference of each region's experiences developing and implementing strategies to attract new residents and new investment.
  • October 23-24, 2013
  • Inner City Economic Summit 
  • The Inner City Economic Summit will convene city planners, development professionals, and representatives from across the public, private, and nonprofit sectors to discuss the three drivers of economic growth. With an emphasis on fostering collaboration, the Summit will provide attendees with the practical knowledge, skills and network they need to bolster their city's development efforts.

    Also, submit your creative idea for an initiative or program that leverages partnerships to create economic opportunity for inner city residents by September 17. You may be invited to present at this year's Inner City Economic Summit and your idea could be named the Next Urban Innovation.

    This event is sponsored in part by the Federal Reserve Bank of CLeveland.

  • September 19-20, 2013
  • 2013 Policy Summit on Housing, Human Capital, and Inequality 
  • Join us this September as we present research and practitioner sessions on the changing role of regulations in economic and community development; registration opens March 1. Attendees include academics, bankers, elected officials, practitioners, and policymakers.
  • April 16, June 18, & August 20, 2013
  • Small Communities, Big Challenges: A 2013 Series on Problem Properties 
  • Vacant and abandoned properties remain a major challenge facing municipalities across the region. To help get knowledge and resources to combat this problem into the hands of city officials, practitioners, and funders, the Federal Reserve Bank of Cleveland has partnered with Greater Ohio Policy Center to host a series of events and webinars in 2013. Three one-hour webinars?to be held in April, June, and August?will showcase specific strategies local and regional government officials and community development organizations can use to help stabilize and restore Ohio neighborhoods. And a capstone event is scheduled for October in Columbus. Participation in the webinars is free, but registration for each session is required.
  • March 29, 2013
  • Call for Papers: 2013 Policy Summit 
  • The Federal Reserve Banks of Cleveland and Philadelphia invite paper submissions for their 11th annual Policy Summit, to be held September 19-20, 2013, in Cleveland, Ohio.

    Understanding the potential intended and unintended effects of regulations is critical for their success as policy implementation tools. For this reason, the focus of this year's conference is on consumer finances and the new regulatory environment. We encourage the submission of papers in the areas of household balance sheets, consumer finances, the regulation of consumer financial products and consumer financial markets, consumer and small business lending, the role of information disclosure and consumer education, low income housing, student loans and related topics.
  • June 28-29, 2012
  • 2012 Federal Reserve Bank of Cleveland Policy Summit on Housing, Human Capital, and Inequality 
  • The 10th annual Cleveland Fed Policy Summit will focus on effective strategies to strengthen and rebuild communities. With neighborhoods and entire regions struggling to regain their footing in the wake of a housing crisis and economic recession, now is a critical time to implement rebuilding strategies that work. What are the most effective strategies, particularly in older industrial cities and the weaker-market regions that surround them? How is the impact of programs best measured? And where should community leaders direct ever-scarcer funds to gain the greatest effect?
  • June 20, 2012
  • Connecting to Markets Series: Exploring Low-Income Neighborhoods in the Regional Context 
  • Join us in Pittsburgh for the part three of the Connecting to Markets Series. National and regional panels take on some of the hard questions around low-income neighborhood connections to the regional economy. How effective are these strategies on the ground? Taken together, can they produce a meaningful increase to the contribution of urban core neighborhoods to regional economic activity? How have community developers taken advantage of neighborhood assets to advance their communities' economic presence?
  • May 9-11, 2012
  • Reinventing Older Communities: Building Resilient Cities 
  • Join the Federal Reserve Bank of Philadelphia at the Reinventing Older Communities conference. This year will feature stimulating discussions and engaging debates on ways to leverage the assets of cities to create new economic activity and spur innovation. Learn how urban demographics are changing, how local governments are managing the fiscal crisis, how new and proposed regulations will benefit consumers and communities, and how foundations are adopting new strategies as the economic recovery continues. Co-sponsored by the Federal Reserve Bank of Cleveland.
  • March 23, 2012
  • Access to Capital and Credit: Strengthening Rural Businesses 
  • At this all-day conference lenders will learn about government-guaranteed loan programs and other resources to increase small business lending in Kentucky. Entrepreneurs are welcome to attend and learn how they could be better prepared loan applicants and meet potential lenders. Speakers will include Congressman Hal Rogers, Appalachian Regional Commission Chair Earl Gohl, Community Development Financial Institution Chair Donna Gambrell, Deputy Undersecretary for Rural Development Doug O'Brien and representatives from Community Ventures Corporation, Kentucky Highlands Investment Corporation and Mountain Association for Community Economic Development, among others.
  • January 23, 2012
  • Neighborhoods and Housing Markets: Comprehensive Community Development in the Metropolitan Context 
  • This panel will explore ways in which neighborhoods within metropolitan areas are linked to one another through flows of population and investment from neighborhood to neighborhood, and how regional policymakers and community developers can work together to influence these flows to produce better neighborhoods and regions. New data tabulations that explore some of the inter- and intra-metropolitan differences in housing markets will help provide a framework for both the national and regional discussions. The national panel discussion will be streamed live to all satellite locations and will be followed by a regional discussion at each satellite location.
  • October 12, 2011
  • The First Convening of Ohio Land Banks 
  • This conference is intended to provide technical information and strategies to build the capacity of existing county land banks and to facilitate the creation of new ones. Topics that will be covered include acquiring, maintaining and demolishing properties through a county land bank, best practices utilized by existing county land banks, a discussion of existing funding solutions, potential new legislation, data use and collection, and demolition funding after NSP.
  • October 7, 2011
  • Loss Mitigation Training: Federal Programs Explained 
  • On October 7 the Community Development team brought together servicers and a number of agencies that administer loss-mitigation programs, including HUD, Fannie Mae, Freddie Mac, and OHFA (the Ohio Housing Finance Agency) for two purposes. First to inform counselors of GSE loss-mitigation policies, and second to better understand the obstacles to helping more people remain in their homes. Event specifics include a presentation made by Michael Pires, Assistant Grant Manager, OHFA on the challenges to spending Ohio's allotment of Hardest Hit Funds, as well as a loss-mitigation report prepared by Summer 2011 Intern Joseph Joyce based on a survey of housing counseling agencies earlier this year.
  • June 9-10, 2011
  • 2011 Federal Reserve Bank of Cleveland Policy Summit: A Conference on Housing, Human Capital, and Inequality 
  • The Cleveland Fed's 9th annual Policy Summit draws an audience of several hundred researchers, practitioners, policymakers, funders, elected and legislative officials, and bankers from across the Great Lakes region. This year's conference will focus on housing, inequality, neighborhoods, and labor market issues, with special attention given to the impact of the foreclosure crisis.
  • April 28-29, 2011
  • 2011 Federal Reserve Community Affairs Research Conference 
  • The seventh Federal Reserve Community Affairs Research Conference, "The Changing Landscape of Community Development," was held April 28-29, 2011, in Arlington, VA. The conference, sponsored jointly by the Community Affairs Offices of the Federal Reserve System, highlighted new research in community development, and included keynote remarks by Chairman Ben Bernanke and Jeffrey Sachs, author of The End of Poverty.
  • April 11, 2011
  • REO Servicing in the Mortgage Crisis: A Foundation for Dialogue and Collaboration 
  • This one-day session will brought experts from different perspectives to inform attorneys, code enforcement practitioners and policy makers about REO property trends, the shadow inventory, and the costs of REO to communities and to the servicing industry. Sponsored by the Federal Reserve Bank of Cleveland and the Urban Development Law Clinic at the Cleveland-Marshall College of Law.
  • October 13-15, 2010
  • Reclaiming Vacant Properties 
  • The National Vacant Properties Campaign brings their annual conference to Cleveland this Fall. Join hundreds from across the country to learn about policies, tools, and strategies to catalyze long-term sustainable revitalization. The Cleveland Fed is a co-sponsor and member of the host committee.
  • September 1-2, 2010
  • REOs and Vacant Properties: Strategies for Neighborhood Stabilization 
  • The summit will be held at the Federal Reserve Board in Washington, D.C. Sponsored by the Federal Reserve Board of Governors and the Federal Reserve Banks of Boston and Cleveland.
  • June 9-10, 2010
  • 2010 Federal Reserve Bank of Cleveland Policy Summit 
  • With the foreclosure crisis still playing out in communities across the country, the time has never been more critical for discussions of our nation's housing policy, including how and whether homeownership and rental housing should be subsidized. This year's policy summit convened top administrators from HUD and other regulatory agencies, researchers from universities and think tanks, and experts in the field of community development for dynamic presentations of current research, reform proposals, and avid discourse on these timely topics.

  • May 12-14, 2010
  • Philadelphia Fed’s biennial "Reinventing Older Communities" conference 
  • The fourth Reinventing Older Communities conference focused on reinventing older communities in the wake of the foreclosure crisis and the federal government's economic stimulus programs. The conference brought together some of the nation's leading policymakers, community developers, bankers, researchers, funders, planners, and government representatives.
  • October 8, 2009
  • Reconsidering the American Dream 
  • Part of the "Building Our Future Beyond Foreclosure" series held at Cleveland State University's Maxine Goodman Levin College of Urban Affairs. Ruth Clevenger, Vice President & Community Affairs Officer at the Cleveland Fed, was a member of the panel.
  • August 13, 2009
  • Facing the Mortgage Crisis: The Big Picture 
  • Attend a free discussion to look at the impact of the mortgage crisis on central Ohio and to see what you can do to help. Will be held in Columbus, OH.
  • June 10, 2009
  • The 2009 Community Development Policy Summit 
  • The 7th annual policy summit sparked lively debates on the topics of homeownership, GSEs, and the Community Reinvestment Act. Check out the video interviews, presentations, and more.
  • May 15, 2009
  • Neighborhood Indicators for Recovery 
  • Limited resources and the ongoing foreclosure crisis make strategic planning for recovery crucial. At this stage of the game, data and tools aimed at helping community leaders make informed decisions are enormously valuable. In this seminar, experts in the field presented several composite indicators based on public and private data, and discussed the methodological issues to consider in their application.
  • April 23, 2009
  • Building our Future Beyond Foreclosure 
  • This Cleveland State University sponsored event is part of a series that examines new strategies, tactics, and projects that are, creative, environmentally sustainable, and invigorating to the marketplace.