Thomas J. Fitzpatrick IV
Vice President
Tom Fitzpatrick is a vice president in the Credit Risk Management Department at the Federal Reserve Bank of Cleveland. He is responsible for credit administration, payment system risk, reserve maintenance, and risk management for depository institutions in the Fourth Federal Reserve District, which includes Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.
Mr. Fitzpatrick joined the Cleveland Reserve Bank in 2007 as a research associate in the Research Department. He served as a visiting scholar in 2008, and in 2009, he was appointed an economist in the Policy Analysis Department, where his work focused on structured finance and large financial firm insolvency. In 2010, Mr. Fitzpatrick transferred to the Community Development Department, where his research focused on housing finance and urban housing, housing-market dynamics, consumer finance, and the impact of land banks on neighborhoods. He assumed his current position in 2014.
Tom is an active alumnus of the College of Wooster and Cleveland State University’s Cleveland-Marshall College of Law, where he is a vocal member and leader on several alumni boards and serves as a career coach and mentor for recent college and law school graduates
Mr. Fitzpatrick holds a bachelor’s degree in philosophy and psychology from the College of Wooster, and graduate degrees in law and economics from Cleveland State University.
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Working Papers
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Working Paper
Can Local Housing Ordinances Prevent Neighborhood Destabilization?
10.01.2014 | WP 12-40RThis paper assesses the ability of local housing ordinances to prevent neighborhood destabilization. -
Working Paper
Can Local Housing Ordinances Prevent Neighborhood Destabilization?
10.01.2014 | WP 12-40This paper assesses the ability of local housing ordinances to prevent neighborhood destabilization. -
Working Paper
Land Bank 2.0: An Empirical Evaluation
09.01.2014 | WP 12-30RIn 2009, Cuyahoga County, Ohio, which contains Cleveland and 58 other municipalities, created the Cuyahoga County Land Reutilization Corporation. -
Working Paper
Land Bank 2.0: An Empirical Evaluation
11.27.2012 | WP 12-30In 2009, Cuyahoga County, Ohio, which contains Cleveland and 58 other municipalities, created the Cuyahoga County Land Reutilization Corporation. -
Working Paper
Who’s Afraid of Good Governance? State Fiscal Crises, Public Pension Underfunding, and the Resistance to Governance Reform
11.01.2012 | WP 12-23States' unfunded pension obligations to their current and retired employees have exploded in recent years to levels that are estimated to be between $750 billion and $4.4 trillion. -
Working Paper
The Impact of Vacant, Tax-Delinquent, and Foreclosed Property on Sales Prices of Neighboring Homes
03.01.2012 | WP 11-23R2In this empirical analysis, we estimate the impact of vacancy, neglect associated with property-tax delinquency, and foreclosures on the value of neighboring homes using parcel-level observations. -
Working Paper
The Impact of Vacant, Tax-Delinquent, and Foreclosed Property on Sales Prices of Neighboring Homes
12.01.2011 | WP 11-23R1In this empirical analysis, we estimate the impact of vacancy, neglect associated with property-tax delinquency, and foreclosures on the value of neighboring homes using parcel-level observations. -
Working Paper
The Impact of Vacant, Tax-Delinquent, and Foreclosed Property on Sales Prices of Neighboring Homes
09.28.2011 | WP 11-23In this empirical analysis, we estimate the impact of vacancy, neglect associated with property-tax delinquency, and foreclosures on the value of neighboring homes using parcel-level observations. -
Working Paper
False Security How Securitization Failed to Protect Arrangers and Investors from Borrower Claims
04.15.2011 | WP 11-09We argue that any new housing finance system must clarify the liability of participants in the securitization pipeline so that the market can more accurately price securities and stop problem loans from entering the pipeline. -
Working Paper
Reconsidering the Application of the Holder in Due Course Rule to Home Mortgage Notes
11.01.2008 | WP 08-08In this paper we investigate the history of negotiable instruments and the holder in due course rule and contrast their function and consequences in the 1700s with their function and consequences today.
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Economic Commentaries
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Economic Commentary
Estimating the Impact of Fast-Tracking Foreclosures in Ohio and Pennsylvania
03.06.2014 | EC 2014-03All the signs in the housing market seem to be pointing the right way, except the amount of time loans are spending in the foreclosure process. Foreclosure fast-tracks for vacant homes in foreclosure may help reverse that trend. -
Economic Commentary
Overvaluing Residential Properties and the Glut of REO
03.15.2012 | EC 2012-03Swelling REO inventories are the latest fallout of the housing crisis, costing lenders money and contributing to neighborhood blight. -
Economic Commentary
The History and Rationale for a Separate Bank Resolution Process
02.02.2012 | EC 2012-01Everyone recognizes the need to have a credible resolution regime in place for financial companies whose failure could harm the entire financial system. -
Economic Commentary
Municipal Finance in the Face of Falling Property Values
12.06.2011 | EC 2011-25The fall in property values associated with the recent recession has caused a decline in property taxes which may be amplifying local government budget crises across the country. -
Economic Commentary
How Well Does Bankruptcy Work When Large Financial Firms Fail? Some Lessons from Lehman Brothers
10.26.2011 | EC 2011-23We look at the Lehman example for lessons about whether bankruptcy law might be a better alternative to bailouts or to resolution under the Dodd-Frank Act’s orderly liquidation authority. -
Economic Commentary
Resolving Large, Complex Financial Firms
08.31.2011 | EC 2011-16How to best manage the failure of systemically important financial firms was the theme of a conference at which the latest research on the issue was presented. -
Economic Commentary
An End to Too Big to Let Fail? The Dodd–Frank Act’s Orderly Liquidation Authority
01.05.2011 | EC 2011-01One of the changes introduced by the sweeping Dodd-Frank Act is the provision of a formal process for liquidating large financial firms-something that would have been useful in 2008. -
Economic Commentary
Stripdowns and Bankruptcy Lessons from Agricultural Bankruptcy Reform
08.03.2010 | EC 2010-09One 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.
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Community Development Reports
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Community Development Reports
Applying Research to Policy Issues in Distressed Housing Markets: Data-Driven Decision Making
Thomas J. Fitzpatrick IV O. Emre Ergungor Kyle D. Fee Daniel A. Hartley Francisca García-Cobián Richter Youngme Seo Stephan D. Whitaker Mary Zenker06.01.2015This publication is a compilation of research published by the Federal Reserve Bank of Cleveland on housing markets that are experiencing foreclosure and/or a large number of vacant properties, including a policy white paper released May 2013...
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Ask the Expert
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Ask the Expert
What is the Fed’s discount window, and how does it help during times of crisis?
04.14.2020The Federal Reserve’s discount window lends money to banks during times of crisis to ensure banks can operate and make loans that support the nation’s economy.
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Policy Discussion Papers
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Policy Discussion Papers
Understanding Ohio's Land Bank Legislation
01.01.2009 | No. 25The effects of sustained high rates of foreclosure on numerous areas of Cuyahoga County have thrust land banking to the forefront of recent public policy discussions in Ohio.
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Forefront
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Forefront
Healthy Banks, Common Traits
Lakshmi Balasubramanyan Doug Campbell Thomas J. Fitzpatrick IV Stacey Gallagher Mark Greenlee Joseph G. Haubrich Stephen H. Jenkins Mary Helen Petrus Sandra Pianalto Kelley Richards Mark S. Sniderman Ericka L. Thoms Ann Marie Wiersch Nadine Wallman01.30.2014 | Winter 2013 - 2014, Vol. 5, No. 1Common traits as adequate capital, quality of assets, earnings, liquidity, management, and sensitivity to market risks often determine the overall health regional banks. -
Forefront
The Dry, Wonky, Utterly Essential World of Financial Stability Analysis
Thomas J. Fitzpatrick IV Maureen O’Connor Sandra Pianalto Jazmin Tanner Ericka L. Thoms Ann Marie Wiersch Abigail R. Zemrock11.06.2013 | Fall 2013, Vol. 4, No. 2The science of financial stability analysis is imperfect yet bank examiners have become financial system supervisors to identify system risks and how to respond to them. -
Forefront
Past Performance—Future Results
Mark Carlson Yuliya Demyanyk Thomas J. Fitzpatrick IV Joseph G. Haubrich Allan Meltzer Stephen J. Ong Sandra Pianalto Peter Rousseau Robert J. Sadowski Ellis W. Tallman David Wheelock06.25.2013 | Spring 2013, Vol. 4, No. 1A review of economic history and a thoughtful look at Federal Reserve policies over the past century. -
Forefront
Experiments in Education: What’s Working in Your Town?
Dionissi Aliprantis Michael D. Bordo Jean Burson Todd E. Clark Joan Curran Darkortey Thomas J. Fitzpatrick IV Jacob Kuipers Daniel A. Littman Mary Helen Petrus Sandra Pianalto01.23.2013 | Fall 2012, Vol. 3, No. 3Across America, schools are embarking on grand experiments to improve educational outcomes. At the same time, economists are examining what works and what doesn't. The latest issue of Forefront takes an illustrated look at some of the myriad reforms happening in Anytown, USA. -
Forefront
Public Finance: Shining Light on a Dark Corner
Jean Burson Doug Campbell John B. Carlson Daniel R. Carroll Thomas J. Fitzpatrick IV Moira Kearney-Marks Daniel A. Littman April McClellan-Copeland Nelson Oliver Sandra Pianalto05.06.2012 | Spring 2012, Vol. 3, No. 1The spring issue of Forefront, the Cleveland Fed’s policy magazine, explores the troubles facing state and local government finances. -
Forefront
Generation Recession
Anne M. DiTeodoro O. Emre Ergungor Thomas J. Fitzpatrick IV Daniel A. Hartley Margaret Jacobson Daniel A. Littman Lou Marich Cindy Merritt Filippo Occhino Sandra Pianalto Murat Tasci Stephan D. Whitaker Mary Zenker11.07.2011 | Fall 2011, Vol. 2, No. 3Federal Reserve Bank of Cleveland economists examine the many forces that will determine how “great” the most recent recession turns out to be. Find the articles, plus our interview with economic historian Price Fishback, in the fall 2011 issue of Forefront. -
Forefront
The Future of Financial Market Regulation
O. Emre Ergungor Thomas J. Fitzpatrick IV Elizabeth Hanna Joseph G. Haubrich Natalie Karrs Daniel A. Littman Lou Marich April McClellan-Copeland Sandra Pianalto Jennifer K. Ransom03.01.2011 | Winter 2011, Vol. 2, No. 1The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 will help regulatory agencies and the Federal Reserve develop rules to protect consumers and curb future financial crises. -
Forefront
A Proposal: Using the CRA to Fight Vacancy and Abandonment
O. Emre Ergungor Kyle D. Fee Thomas J. Fitzpatrick IV Lou Marich Todd Morgano Lisa A. Nelson Anne O’Shaughnessy Sandra Pianalto Ann Marie Wiersch05.03.2010 | Spring 2010, Vol. 1, No. 2In 2009, banks became the reluctant holders of more than 1,500 foreclosed properties in Cuyahoga County, Ohio. Most of these houses are in Cleveland, worth little to nothing, and in danger of remaining vacant for the foreseeable future—destined to define neighborhood decay. -
Forefront
Making Financial Markets Safer for Consumers
Jean Burson Thomas J. Fitzpatrick IV Daniel A. Littman Todd Morgano Mary Helen Petrus Sandra Pianalto Francisca García-Cobián Richter Guhan Venkatu Stephan D. Whitaker12.15.2009 | Winter 2009 - 2010, Vol. 1, No. 1In the wake of the mortgage meltdown, policymakers are discussing how best to protect consumers in financial product markets. The Federal Reserve Bank of Cleveland hosted a seminar, “Consumer Protection in Financial Product Markets,” in September 2009 to exchange ideas with other regulators about consumer protection and the role of the courts.
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