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8:30 AM - 3:30 PM
Bank of Cleveland
The negative spillovers from stalled and vacant foreclosures – a longstanding problem for many municipalities, servicers, courts, and homeowners – are well documented. The homes often fall into disrepair, neighboring home values fall, crime rises and, when too many such homes are present, the fabric of a neighborhood begins to deteriorate. In some cases property values fall so far that foreclosures are abandoned, leaving no one with an interest in the property – the owner or the lender – to care for it. Even when foreclosures are not abandoned, the amount of time loans are spending in delinquency and foreclosure has been constantly rising.
This problem is spreading, despite recent strength in the housing market. Once confined to weaker markets and older industrial cities, stalled and vacant foreclosures are now being witnessed on a broader scale. Fortunately, cities that have dealt with this issue for years have gained valuable insights and, in some cases, successes along the way.
On March 11 the Federal Reserve Bank of Cleveland is hosting a one-day seminar to explore the challenge of stalled and vacant foreclosures. We'll define the problem, discuss promising approaches to it, and dissect examples of successfully dealing with stalled and vacant foreclosures in order to replicate these practices elsewhere. The agenda, featuring national and regional experts on four panels, will examine the issue from distinct perspectives:
– Challenges facing servicers
– Local responses
– The role of federal oversight and compliance
– Judicial practices that are helping
Who should attend? Getting Back in Gear: Better Ways to Move Stalled and Vacant Foreclosures Forward is aimed at municipal leaders, lenders and servicers, community development practitioners, foreclosure attorneys, foreclosure judges, regulators, housing researchers, and real estate professionals.
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