Foreclosure Resource Center
Background on the Foreclosure Crisis
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
- November 01, 2008
- Subprime Loan Report for Cleveland and the Fourth District
- This report compares data on the performance of subprime loans in the Cleveland metropolitan area and the Fourth Federal Reserve District. Overall, the performance of subprime loans in Cleveland has been weaker than in other parts of the Fourth District. Read more
- August 25, 2008
- A Look at Foreclosure Filings in Cuyahoga County
- Northeast Ohio’s Cuyahoga County, home to the city of Cleveland, has been called the epicenter of the nation’s foreclosure crisis. While effects of the crisis are being felt in regions across the country, Cuyahoga County has consistently been listed at or near the top of areas hit hardest by foreclosure. Why? Read more
Tools for the Fourth District
Ohio
- Ohio’s Save the Dream
- Provides a fdll 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
Pennsylvania
- 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
Kentucky
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
- October 01, 2008
- 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 who shared their knowledge and recommendations for possible solutions to the mortgage lending debacle. (PDF)
- September 01, 2008
- Synopses of Selected Research on Housing, Mortgages, and Foreclosures
- The contributions in this document are synopses of key findings from research and Federal Reserve System policy analysis on selected topics relating to housing, mortgage loan performance, and foreclosures. A goal of the project is to leverage the knowledge, expertise, and national reach of the Federal Reserve System to develop responses to the sharp rise of mortgage delinquencies and foreclosures. (PDF)
- August 27, 2008
- A Snapshot of Mortgage Conditions with an Emphasis on Subprime Mortgage Performance
- This document provides facts and figures that pertain to the recent increase in mortgage foreclosures. The data are provided to help readers understand the source, scope, and scale of this increase. (PDF)
- December 06, 2007
- Foreclosures in Ohio: Does Lender Type Matter?
- Whether mortgages are originated mostly by depository institutions regulated by the Federal agencies or by less-regulated lenders does not seem to affect the foreclosure filing rate in Ohio's counties. What seems to matter is whether the lenders have a physical presence in the market, in which case, foreclosure rates are lower. (PDF)
- December 03, 2006
- Foreclosures: Relationship Lending in the Consumer Market and its Aftermath
- Relationship lending theory suggests that lenders in close proximity to their borrowers might be the most efficient providers of screening and monitoring services, because the cost of collecting information declines with distance. The author presents evidence that ties bank branch presence to borrower performance in the low-income housing market, which provides support for this theory. (PDF)
Events Sponsored by the Fed
- November 19-20, 2008
- Foreclosure Prevention Workshop and Financial Fitness Forum
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- August 28, 2008
- Ohio Vacant Properties Forum II: Highlighting Best Practices in Foreclosure Prevention and Redevelopment Strategies
- August 27, 2008
- Moving Toward Solutions: Research and Policy on Vacancy and Abandonment
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