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May 3, 2010

Richmond Fed, Fannie Mae, Capital Area Foreclosure Network Hold Training

Richmond, VA

The Federal Reserve Bank of Richmond, the Capital Area Foreclosure Network and Fannie Mae are hosting the Washington Metro Area Tenants Conference to help educate mortgage servicers, realtors, local government representatives, housing counselors and attorneys on new federal and state laws for tenants facing foreclosure.

The one-day conference will be held Thursday, May 6, at Fannie Mae's Conference Center at 4000 Wisconsin Ave., NW, Washington, D.C., from 9 a.m. until 2 p.m. To register for this free event go to www.mwcog.org.

National and state experts in housing and foreclosure policy will review the laws for protecting tenants at foreclosure in Virginia, D.C., and Maryland and discuss strategies for ensuring that renters are aware of their rights. Legal service organizations will also share real world examples of how to best comply with the law and address the challenges that arise in implementing the protections. Fannie Mae will discuss their policies for managing their REO properties occupied by renters. An attorney representing servicers will discuss policies and procedures related to evictions.

"Although a new federal law — as well as local and state laws – protect tenants whose landlord is in foreclosure, too often tenants are forced to leave their homes because they do not know their rights," says Ellen Janes, regional community development manager at the Richmond Fed's Baltimore branch. "We are offering an important workshop for community stakeholders and others involved in the transfer of homes due to foreclosure."

Enacted in May 2010, the federal Protecting Tenants at Foreclosure Act provides that most tenants' leases remain in effect in the event of foreclosure and tenants with a month-to-month lease be given at least a 90-day notice to vacate the property. D.C. laws provide even stronger protections. Foreclosure is not a valid reason for eviction in the District of Columbia.

"Fannie Mae is committed to making sure tenants understand all their rights when their home is threatened by foreclosure," said Rosie Allen Herring, Fannie Mae's community relations director. "This conference will bring together stakeholders from across the region and provide them with vital information so they fully understand the protections that renters have."

The Capital Area Foreclosure Network is a network of key stakeholders made up of representatives from local governments, community organizations and national institutions, including the Federal Reserve Bank of Richmond, that work to stabilize and reduce the impact of foreclosures on communities. For more information about C.A.F.N., visit www.CapitalAreaForeclosureNetwork.org


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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