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Foreclosure Resource Center

Foreclosures across New England are a concern of the Federal Reserve Bank of Boston. This web page offers resources for consumers, data and analysis, research and articles from our publications, and information on policy and regulations related to foreclosures.

 


TheInformedHomeBuyer.org
The Federal Reserve Bank of Boston's consumer resource for mortgages and foreclosures

Fed Issues Tips to Help Consumers Avoid Foreclosure Help Scams (March 5)

U.S. Treasury Launches "Making Home Affordable" Loan Modification Program (March 4)

Making Home Affordable Program Information on FinancialStability.gov

StableCommunities.org
Created by NeighborWorks America and designed to help communities respond to local problems that arise when foreclosed homes remain vacant. StableCommunites.org is where community development practitioners share success stories and learn what works to reverse the many negative impacts of foreclosure.

Foreclosure Resources for Consumers offsite
Information and links to agencies and organizations that may help those facing foreclosure, compiled by the Federal Reserve Board of Governors

You May Be Paying Too Much for Your Mortgage
Tips to help you ensure that you have the best mortgage product for which you qualify.

versión en español
Tal vez usted paga demasiado por su hipoteca
Información para asegurarse de que usted obtenga el mejor producto para el cual califica ahora.

Mortgage Relief Initiative for New England offsite
The Mortgage Relief Fund, initiated by 5 banks, should make it easier for some homeowners who are paying high rates – and those who face a reset of an adjustable-rate loan – to refinance into a more affordable mortgage, avoid delinquency, and avoid foreclosure.

CHAPA's Foreclosure Clearinghouse offsite
Link to Citizens' Housing and Planning Association's (CHAPA) foreclosure clearinghouse

National Consumer Law Center offsite
Information about legal resources for homeowners facing foreclosure.

A Guide to Mortgage Products and a Glossary of Lending Terms
This guide provides general mortgage information to consumers and sheds some light on the risks associated with today’s more complex mortgage offerings.

Versión en español:
Guía de productos hipotecarios y Glosario de terminología sobre préstamos

Approved Housing Counseling Agencies
Department of Housing and Urban Development (HUD) approved agencies with special counseling for mortgage delinquencies and default resolution located throughout New England:

Consumer Handbook on Adjustable-Rate Mortgages offsite
From the Federal Reserve Board of Governors

Homebuyer Assistance offsite
The Massachusetts Department of Housing and Community Development's list of counselors providing foreclosure and first-time homebuyer counseling and down-payment assistance.

Your Home Loan Shopping Just Got Easier offsite
Use this calculator to compare monthly mortgage payments and measure the amount of equity you will build for up to six mortgage products.

Homeowners Beware! offsite
The Federal Reserve Board's press release about questionable solicitations directed at homeowners.

Real Estate Owned (REO) Properties Stabilization Opportunity Score (Updated using March 2009 Data) pdf
   Connecticut
   Massachusetts
   Rhode Island
   REO Score Maps
   REO Score Map Overlaid with NSP II Scores

State Foreclosure Trends in New England
through Q1 2009
pdf
   Connecticut
   Maine
   Massachusetts
   New Hampshire
   Rhode Island
   Vermont

Historical Real Estate Owned (REO) Properties Stabilization Opportunity Score (December 2008) pdf
   Connecticut
   Massachusetts
   Rhode Island

Observations on Housing, Lending, and Foreclosure Prevention
Speech by Boston Fed President and CEO Eric S. Rosengren
October 16, 2008

Current Challenges in Housing and Home Loans: Complicating Factors and the Implications for Policymakers
Speech by Boston Fed President and CEO Eric S. Rosengren
May 30, 2008

StableCommunities.org
Created by NeighborWorks America and designed to help communities respond to local problems that arise when foreclosed homes remain vacant. StableCommunites.org is where community development practitioners share success stories and learn what works to reverse the many negative impacts of foreclosure.

Interactive data and charts

Foreclosures, House-Price Changes, and Subprime Mortgages in Massachusetts
The first in a series of interactive graphics modules, designed to illuminate research conducted by economists of the research department of the Federal Reserve Bank of Boston.

Dynamic Maps of Nonprime Mortgage Conditions in the United States offsite
Dynamic maps and data that illustrate subprime and alt-A mortgage loan conditions across the United States.

Subprime Mortgage Problems: Research, Opportunities, and Policy Considerations
Speech by Boston Fed President and CEO Eric S. Rosengren
Massachusetts Institute for a New Commonwealth (MassINC)
December 3, 2007

Mortgage Lending Discrimination
Testimony by Lynn E. Browne, Executive Vice President & Economic Advisor
Before the House Committee on Financial Services Roxbury Community College
October 15, 2007

Recent Developments in Real Estate, Financial Markets, and the Economy
Speech by Boston Fed President and CEO Eric S. Rosengren
Portland Regional Chamber of Commerce
October 10, 2007

Foreclosures in New England pdf
Presented by Julia Reade at the Fair Housing Seminar Series
November 14, 2007

Subprime Facts: What (We Think) We Know about the Subprime Crisis and What We Don't
Public Policy Discussion Paper P08-02
by Christopher L. Foote, Kristopher Gerardi, Lorenz Goette, and Paul S. Willen

Negative Equity and Foreclosure: Theory and Evidence
Public Policy Discussion Paper P08-03
by Christopher L. Foote, Kristopher Gerardi, and Paul S. Willen

Subprime Outcomes: Risky Mortgages, Homeownership Experiences, and Foreclosures
Working Paper No. W07-15
by Kristopher Gerardi, Adam Hale Shapiro, and Paul Willen

Foreclosure's Price-Depressing Spillover Effects on Local Properties: A Literature Review pdf
Public & Community Affairs Discussion Paper 08-1
by Kai-yan Lee

Foreclosure Prevention and Intervention Efforts in New England pdf
New England Community Developments, Issue 4, 2007
by Kai-yan Lee

As foreclosure rates have risen across New England, many have been asking for clarification about the full range of resources available to borrowers. This article describes the foreclosure prevention and intervention efforts currently underway in New England. We highlight the region’s largest initiatives as well as discuss the challenges these programs are facing as they work to provide assistance to consumers.

Massachusetts Mortgage Summit Issues Recommendations pdf
New England Community Developments, Issue 3, 2007
by Julia Reade

This article describes the recommendations of the Massachusetts Mortgage Summit held in April 2007, including possible remedies to limit foreclosures and their impact on consumers and communities.

Foreclosure in Rhode Island pdf
Communities & Banking, Spring 2007
by Carol Lewis
With foreclosure rates rising, banks and community groups are creating systems to help families keep their homes.

Tackling Foreclosure pdf
Communities & Banking, Spring 2007
by Ricardo Borgos

With foreclosure rates rising, banks and community groups are creating systems to help families keep their homes.

Understanding Foreclosures in Massachusetts pdf
Public & Community Affairs Discussion Paper 07-1
by Ricardo Borgos, Prabal Chakrabarti, and Julia Reade

Home Ownership in a High-Cost Region pdf
Communities & Banking, Fall 2006
by Esther Schlorholtz, Boston Private Bank
A perfect storm is brewing in eastern Massachusetts: high home prices, rising interest rates, and a proliferation of high-cost mortgage products. More buyer education and better state regulation of lenders not covered by the Community Reinvestment Act are needed.

Alternative Mortgages: Managed Risk or Gamble? pdf
Communities & Banking, Spring 2006
by Andrew Olszowy
Alternative mortgages may increase flexibility for lenders and consumers, but they also add risk. The best advice for all parties is to learn as much as possible about these tools and proceed with caution.

 

 
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