Foreclosure Resource Center of the Cleveland Fed
The current high rate of foreclosure is both a chief policy concern and a key priority at the Federal Reserve Bank of Cleveland. Subprime lending has occurred at a higher rate in low- and moderate-income communities, a fact that merits attention because subprime mortgages are more likely to end in foreclosure.
For borrowers, foreclosures can result in a loss of home equity, impaired credit, and more limited access to stable housing and employment. Vacant and abandoned properties must be restored to productive use in order to stabilize neighborhoods and to re-establish housing markets. Read more…
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