For immediate release
Contact: Katherine Q. Dibling, senior media advisor, 215-574-4119
Philadelphia, Pa. - The Federal Reserve Bank of Philadelphia has launched a virtual Foreclosure Resource Center providing information for homeowners, prospective homebuyers, and community groups to help prevent foreclosures and lessen their negative influence on neighborhoods.
"Borrowers, particularly those who are delinquent in their mortgage payments, need information," said Dede Myers, vice president and Community Affairs officer at the Federal Reserve Bank of Philadelphia. "What we have now is a one-stop shop. This resource center helps homeowners and community leaders learn what they need to know and take appropriate action. They can also access information from other trusted providers."
Homeowners who are concerned that they can't make their mortgage payments can search the Philadelphia Fed's Foreclosure Resource Center to find housing counseling agencies, legal-aid attorneys, loans for legal and sheriff's fees, and refinancing programs.
For homeowners with urgent needs, the web page includes numbers for the Save Our Philadelphia Homes hotline (Philadelphia residents) and for the Don't Borrow Trouble hotline (suburban Philadelphia residents).
For community leaders and those working with neighborhood groups, the center offers information on preserving and protecting the neighborhoods where foreclosures have occurred.
In addition, the virtual center contains special features, such as maps that illustrate relative foreclosure rates. Also included is a listing of upcoming events on topics related to foreclosures.
The Foreclosure Resource Center is part of the Federal Reserve System's response to the recent increase in mortgage foreclosures nationwide. Each Federal Reserve Bank will establish a similar center and tailor its resources to meet regional needs. In addition, the Federal Reserve has approved regulatory changes to protect homebuyers from unfair lending practices, including prohibiting a lender from making loans without regard to a borrower's ability to repay.
"These new rules will go far in protecting consumers as well as restoring confidence in our mortgage system," said Myers.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. One of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.