Community Development



September 30, 2008

Richmond Fed Announces Online Foreclosure Resource Center

Richmond, Va.

The Federal Reserve Bank of Richmond has launched an online Foreclosure Resource Center providing information for homeowners, community groups and local governments to help prevent foreclosures and lessen their negative influence on neighborhoods.

"The resources provided on this virtual center reflect the assistance that the Richmond Fed is already providing," said Marsha Shuler, the Bank’s senior vice president of Community Affairs. "What we have now is a one-stop source for information. This center helps homeowners and community leaders learn what they need to know and take appropriate action."

For homeowners, the Richmond Fed’s Foreclosure Resource Center provides contact information for agencies that can help those who face losing their homes. For community leaders and those working in neighborhood groups, the center offers a directory of services and best practices in foreclosure assistance.

In addition, the virtual center contains features that 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 has established a similar center and tailors its resources to meet regional needs.

The Richmond Fed's online center features a foreclosure mitigation toolkit for communities to help them address the current turmoil in the housing market and minimize any adverse impact on neighborhoods.

Visit the Foreclosure Resource Center for more information.

The Richmond Fed serves the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. As part of the nation's central bank, we're one of 12 regional Reserve Banks that work together with the Federal Reserve's Board of Governors to strengthen the economy and our communities. We manage the nation's money supply to keep inflation low and help the economy grow. We also supervise and regulate financial institutions to help safeguard our nation's financial system and protect the integrity and efficiency of our payments system.


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