April 21, 2010

Federal Reserve Bank of Richmond co-sponsors foreclosure prevention event

Richmond, Va.

The Federal Reserve Bank of Richmond joins Housing Opportunities Made Equal and the city of Richmond to help co-sponsor a home preservation clinic to help Virginia homeowners who may be at risk of foreclosure. Free foreclosure counseling sessions and fraud prevention counseling will be offered on April 24 from 9 a.m. to 4 p.m. at the Blackwell Community Center at 300 E. 15th Street in Richmond.

The clinic is open to the public, and provides a chance for homeowners to meet with a HUD-approved counseling agency to work on a solution to help them stay in their homes. Pre-registration for free 30-minute counseling sessions is strongly encouraged by calling (804)354-0641.

Special seminars will also be offered at 11:00 a.m. and 2:00 p.m. for residents on how to spot and avoid becoming a victim of housing discrimination.

Rising foreclosure rates have led to an increase in foreclosure rescue scams that prey on vulnerable homeowners. Also, weaknesses within the housing market and high unemployment rates have left families uncertain about the viability of homeownership. According February 2010 data from McDash Analytics, 5.85 percent of the loans in Richmond metropolitan statistical area were more than 90 days delinquent. These figures exceed the average for the state of Virginia at 4.92 percent.

The Richmond Fed offers online information to help address challenges associated with foreclosures through its Foreclosure Resource Center.

As part of our nation’s central bank, the Richmond Fed is one of 12 regional Reserve Banks working together with the Board of Governors to support a healthy economy and deliver on our mission to foster economic stability and strength. We connect with community and business leaders across the Fifth Federal Reserve District — including the Carolinas, District of Columbia, Maryland, Virginia, and most of West Virginia — to monitor economic conditions, address issues facing our communities, and share this information with monetary and financial policymakers. We also work with banks to ensure they are operating safely and soundly, supply financial institutions with currency that’s fit for distribution, and provide a safe and efficient way to transfer funds through our nation’s payments system.

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