For Immediate Release
January 24, 2005
Contact: Becky Fleischauer, Neighborhood Reinvestment Corporation, 202-220-2360; bfleischauer@nw.org
Contact: June Gates, FRB, 216-579-2048; june.a.gates@clev.frb
Forum to Highlight Strategies for Addressing Ohio’s Rising Foreclosure Rate
Columbus, Ohio – Citing concerns over a rising tide of foreclosures and their impact on low and moderate income homeowners and communities, the Federal Reserve Bank of Cleveland and Neighborhood Reinvestment Corporation (NR) are hosting a forum to discuss strategies for reducing foreclosure rates and protecting Ohio’s communities. The forum will be held on February 3, 2005, at the Hyatt Regency on Capitol Square in Columbus, Ohio. News media are invited to attend, but must register in advance by calling June Gates at 216/579-2048. (Due to space limitations, forum attendance is by invitation only.)
According to a September 2004 report from the Mortgage Bankers Association of America, Ohio has the highest percentage in the nation of homeowners in foreclosure or with mortgage payments that are 90 days or more past due. The Columbus forum will highlight an NR program that has reduced foreclosure rates in Chicago. Working with Chicago lenders and city government, Neighborhood Housing Services of Chicago prevented 650 foreclosures in the past 18 months through innovative outreach and counseling efforts.
Columbus Mayor Michael Coleman and Federal Reserve Bank of Cleveland Vice President and Community Affairs Officer Ruth Clevenger will open the February 3 program. Forum participants include lenders, community organizations, researchers, and government officials. A detailed agenda is attached.
About the Community Affairs Office of the Federal Reserve Bank of Cleveland
The mission of the Community Affairs office of the Federal Reserve Bank of Cleveland is to promote a fair and efficient market environment where people can prosper by their own means. The community affairs team supports community reinvestment, fair lending, and economic development activities throughout the Fourth Federal Reserve District, which includes Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.
The Federal Reserve Bank of Cleveland is one of twelve regional Reserve Banks that, together with the Board of Governors in Washington, D.C., comprise the Federal Reserve System. As the nation's central bank, the Federal Reserve System formulates U.S. monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the U.S. government.
About NeighborWorks
NeighborWorks is a nationwide network of more than 235 community development organizations working in more than 2,700 urban, suburban and rural communities across America. These organizations engage in revitalization strategies that strengthen communities and transform lives. In the last five years, NeighborWorks organizations have helped more than 480,000 families of modest means purchase or improve their homes or secure safe, decent rental or mutual housing. Neighborhood Reinvestment Corporation provides financial support, technical assistance and training for the NeighborWorks network. In 2004 alone, NeighborWorks organizations generated more than $2.2 billion in reinvestment to fortify communities.
There are 10 NeighborWorks organizations in Ohio: Columbus Housing Parnership; East Akron Neighborhood Development Corporation; Neighborhood Conservation Services of Barberton, Inc.; Home Ownership Center of Greater Cincinnati, Inc.; Neighborhood Housing Services of Cleveland; Columbus Housing Partnership, Inc.; St. Mary Development Corporation; Neighborhood Housing Services of Toledo, Inc.; Neighborhood Housing Services of Hamilton, Inc.; Neighborhood Development Services; and, Neighborhood Housing Partnership of Greater Springfield, Inc.
Ohio Foreclosure Prevention Stakeholders’ Meeting
Preliminary Agenda
Hyatt on Capitol Square, Columbus
February 3, 2005
9:00 a.m.–3:15 p.m.
9:00–9:30 a.m. Registration/Continental Breakfast
9:30–9:45 a.m. Welcome
Ruth Clevenger, Vice President and Community Affairs Officer,
Federal Reserve Bank of Cleveland
The Honorable Michael Coleman, Mayor, City of Columbus
9:45–10:15 a.m. Foreclosure Data and Research: National Trends and Policy Issues
Mark Duda, Contract Researcher, Neighborhood Reinvestment Corporation
10:15–10:45 a.m. A Closer Look at Foreclosures in Ohio
Michael Collins, Principal, PolicyLab Consulting Group
10:45–11:00 a.m. Break
11:00–12:00 a.m. Panel I: The Ohio Experience
Moderator: Amy Hanauer, Director, Policy Matters Ohio
Jayme Brown, Education and Outreach Coordinator, Ohio Division of Financial Institutions
The Honorable Dan Foley, Clerk of Courts, Montgomery County, Ohio
Steve Paton, Vice President, Asset Deposition & Recovery, Chase Manhatten Mortgage Corporation
Lisa Rice, President/CEO, Toledo Fair Housing Center
Jeff Quayle, Vice President and General Counsel, Ohio Bankers League
12:00 a.m.–12:25 p.m. Luncheon
12:25–1:10 p.m. Panel II: The Chicago Experience
Moderator: Marietta Rodriguez, Homeownership Specialist, Neighborhood Reinvestment Corporation
Bruce Gottschall, Executive Director, Neighborhood Housing Services of Chicago
Heidi Coppola, Vice President and Director, Neighborhood Preservation, Citigroup
Angie Marks, Assistant Commissioner, City of Chicago
1:10–1:20 p.m. Break
1:20–2:15 p.m. Identifying Statewide and Regional Solutions
Facilitated roundtable discussions
2:15–3:15 p.m. Where Do We Go from Here?
Paul Poston, District Director, Great Lakes, Neighborhood Reinvestment Corporation
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