RESOURCES

Rental Housing in Pennsylvania

The Community Affairs Department of the Philadelphia Fed will soon publish the report Availability and Affordability of Rental Housing in Pennsylvania, by Erin Mierzwa, Federal Reserve Bank of Philadelphia, and Kathryn P. Nelson, Consultant, with Harriet Newburger, Federal Reserve Bank of Philadelphia.

This study was initiated to assess the housing needs of Pennsylvania’s lower-income renter households and to better understand how their needs vary across the state. The study looks at the incidence of housing problems among lower-income rental households at both the beginning and the middle of the current decade. It considers the extent to which there were shortages in the number of rental units that were both affordable and available to lower-income renters at these two points in time.

Key findings from the study will be presented on December 9, 2009, in Harrisburg, at Homes Within Reach, the annual conference of the Housing Alliance of Pennsylvania. The study will also be posted on the Philadelphia Fed’s website as a Discussion Paper on this date. For questions after December 9, contact erin.mierzwa@phil.frb.org.

Overdraft Fees

The Federal Reserve Board of Governors has announced final rules that prohibit financial institutions from charging consumers fees for paying overdrafts on ATM and one-time debit card transactions, unless a consumer consents, or opts in, to the overdraft service for those types of transactions. Read the rules and consult other resources.

Credit Cards

"5 Tips for Getting the Most from Your Credit Card" is available from the Federal Reserve Board of Governors. The report can be found in both English and Spanish versions.

Protecting Tenants in Foreclosure Act

The National Low Income Housing Coalition has developed resources that can be used to protect renters in foreclosure. On May 20, 2009, the President signed into law a bill containing provisions that protect tenants living in foreclosed buildings (Protecting Tenants in Foreclosure Act, or Title VII of Public Law 111-22).

Fannie Mae Deed-for-Lease Program

In November 2009, Fannie Mae introduced its Deed-for-Lease Program (D4L), which allows qualifying borrowers of properties transferred through deed in lieu of foreclosure (DIL) to remain in their homes by executing a lease of up to 12 months in conjunction with a DIL. Investment properties that are tenant occupied may also be considered as long as the borrower is cooperative in providing information from the tenant to facilitate the D4L.

CDFI Assessments and Ratings

The Opportunity Finance Network (OFN) has launched a new website on the CDFI Assessment and Ratings System (CARS). CARS is an independent project of the OFN. Investors who subscribe to CARS receive detailed analyses that assess the financial strength and performance of each rated CDFI. For information, contact Paige Chapel at pchapel@CARSratingsystem.net.

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PUBLICATIONS

"Mortgage Default, Foreclosures, and Bankruptcy in the Context of the Financial Crisis," a paper co-authored by Wenli Li, an economic advisor and economist at the Federal Reserve Bank of Philadelphia, was presented at a recent research conference of the International Monetary Fund.

"Moral and Social Constraints to Strategic Default on Mortgages," a National Bureau of Economic Research Working Paper, is available at the NBER's website.

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EVENTS

FHA/HUD Seminar on New Real Estate Settlement Procedures Act (RESPA) Rules

Friday, December 11, 2009, 10:00 a.m. – 12 noon, The Federal Building, 600 Arch Street, 2nd Floor, Philadelphia
HUD is requiring that loan originators provide borrowers with a good faith estimate that clearly discloses key loan terms and closing costs and that closing agents provide borrowers with a revised HUD-1 Settlement Statement. The new RESPA rules were published November 17, 2008, and will take full effect on January 1, 2010. Elimination of the FHA’s cap on origination fees will also be discussed. Guest presenter is Ivy Jackson, director of the Office of RESPA, HUD, Washington, D.C.

For information, contact david.mccarraher@hud.gov; or go to http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm.

Rethink, Recover, Rebuild: Reinventing Older Communities

May 12-14, 2010, Hyatt Regency Philadelphia at Penn’s Landing
Fourth national biennial conference organized by the Federal Reserve Bank of Philadelphia and co-sponsors examines issues confronting older communities, including the impact of the credit crisis on homeowners and communities and the opportunities generated by economic stimulus funds.

For information, contact keith.rolland@phil.frb.org. Details will be posted as they become available at the event's website.

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Federal Reserve Bank of Philadelphia
Community Affairs Department
Ten Independence Mall
Philadelphia, PA 19106-1574