March 16, 2009

Mortgage Foreclosure Forum Features Richmond Fed Panelists

Baltimore, MD

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What started as a meltdown in the subprime mortgage industry and led to crises in the credit market has become a dire economic reality for some regional communities. Unemployment coupled with mortgage delinquencies are uprooting homeowners and leaving localities in the lurch.

"The Widespread Impacts of Mortgage Foreclosures: From Credit Markets to Local Communities," is a  forum sponsored by the Federal Reserve Bank of Richmond and Loyola College in Maryland to foster a greater understanding of the foreclosure impact on neighborhoods and communities. The event will take place from 5:30 - 7 p.m. on Tuesday, March 31, in McGuire Hall East, Andrew White Student Center. The forum is the fifth in a series by the Richmond Fed in collaboration with Fifth District colleges and universities in or near communities where mortgage foreclosures are significant. The Loyola forum is the first 2009 forum.

Discussion 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 impact to Maryland's neighborhoods and communities.
• Federal Reserve, federal and local governments' responses to local housing market conditions.

Karyl B. Leggio, Dean of Loyola's The Sellinger School of Business and Management, will moderate the discussion. Fed panelists feature senior analyst Michael Riddle and regional economist and Loyola affiliate assistant professor R. Andrew Bauer. Also presenting is Robert E. Carpenter, an associate professor of economics at the University of Maryland, Baltimore County, as well as a visiting senior financial economist at the Richmond Fed.

To RSVP, contact Deborah Jackson at (804) 697-8913.
For information and resources, see the Foreclosure Resource Center.

For more information on the forum, please contact Courtney Jolley, Loyola College in Maryland, Director for Public Relations (410) 617-5025.

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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