Community Development


foreclosure sign

November 4, 2008

Richmond Fed and George Mason University Host Foreclosure Conference

Fairfax County, Va.

The mortgage foreclosure picture in Virginia is a mixed bag. Overall, the Commonwealth fairs better than most states in its mortgage delinquency and foreclosure rates. Still, areas like northern Virginia are among the nation’s hardest hit. As the uncertainty of the nation’s financial system persist, leaders are challenged to develop strategies that minimize the impact on their communities.

To help communities with their efforts, the Federal Reserve Bank of Richmond and George Mason University will present “Widespread Impacts of Mortgage Foreclosures: From Credit Markets to Local Communities.” The free forum begins at 10:00 a.m. on Friday, Nov. 7, in George Mason’s Johnson Center Cinema. This is the third in a series of forums co-sponsored by the Fed and Fifth District colleges and universities near communities hit by the current state of mortgage foreclosures.

Topics include:

  • The key drivers behind the mortgage foreclosure and credit lending crunch, nationally and locally, and how it compares with previous housing market disruptions.
  • The effect of foreclosures on communities in northern Virginia.
  • Federal Reserve, federal and local governments’ responses to local housing market conditions.

John McClain, senior fellow and deputy director of the GMU’s Center for Regional Analysis, will be moderator. The panel includes Michael Riddle and Courtney Mailey, Fed senior analysts, and Robert E. Carpenter, who is a visiting senior economist at the Richmond Fed and also an associate professor of economics at the University of Maryland, Baltimore County, Md.

To RSVP, contact Deborah Jackson at 804.697.8913.

For information and resources, see the Foreclosure Resource Center.

The Federal Reserve Bank of Richmond is one of 12 District Reserve Banks that together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Richmond Fed serves the Fifth Federal Reserve District, which encompasses the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia.

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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