Chicago Fed Announces Online Foreclosure Resource Center
CHICAGO — The Federal Reserve Bank of Chicago has launched an online Foreclosure Resource Center providing information for homeowners, prospective homebuyers and community groups to help prevent foreclosures and lessen their negative influence on neighborhoods.
"The resources provided on this virtual center reflect the assistance that the Chicago Fed has already been providing," said Charles Evans, president of the Federal Reserve Bank of Chicago. "What we have now is a one-stop source for information. 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."
For homeowners and homebuyers, the Chicago Fed's Foreclosure Resource Center provides contact information for agencies that can help those in financial trouble or provide counsel for those who want to buy their first home. For community leaders and those working in neighborhood groups, the center offers information on preserving and protecting the neighborhoods where foreclosures have occurred.
In addition, the virtual center contains features that will appeal to all users, such as maps that illustrate foreclosure rates, access to Federal Reserve economic research and notices of upcoming events.
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 a prohibition on certain loans that do not ensure a buyer's ability to repay.
"These new rules are necessary and will go far in protecting consumers from unfair practices, as well as restoring confidence in our mortgage system," Evans said. "But consumers need more than rules. They also need information and trusted sources, and that's what the Foreclosure Resource Center can provide."
The Foreclosure Resource Center can be accessed at: /webpages/communities/foreclosure_resource_center/index.cfm.
Federal Reserve Bank of Chicago Background
The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, DC, make up the nation's central bank. The Chicago Reserve Bank serves the 7th Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the entire state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.