09 Sep Foreclosure Resource Center Unveiled
The Federal Reserve Bank in Philadelphia has launched a virtual foreclosure resource center to help prevent foreclosures by providing information to borrowers in Pennsylvania, New Jersey and Delaware.
“Borrowers, particularly those who are delinquent in their mortgage payments, need information,” said Dede Myers, vice president and Community Affairs officer at the Federal Reserve Bank of Philadelphia. “What we have now is a one-stop shop. This resource center helps homeowners and community leaders learn what they need to know and take appropriate action. They can also access information from other trusted providers.”
The site contains information on housing counseling, attorneys, loans and refinancing programs, hotlines, protecting neighborhoods where foreclosures have occurred, statistics, maps, and upcoming events. Each one of the 12 regional Federal Reserve Banks will be sponsoring a similar website for its locale. The sites are part of the banks’ response to the growing foreclosure crisis.
The Federal Reserve also has adopted new regulations to protect borrowers from predatory lenders. Unfair lending practices including making a loan to a borrower without the ability to repay will be prohibited by the regulations.
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