Addressing the Impact of the Foreclosure Crisis: Federal Reserve Mortgage Outreach and Research Efforts
"Since the start of the financial crisis, the Federal Reserve System has undertaken a series of well publicized and unprecedented actions to help stabilize the mortgage and financial markets and promote economic recovery. What is less well known is that the Federal Reserve has also been working to respond to the foreclosure crisis
on “Main Street,” leveraging its research, community affairs and supervision and regulation functions to support innovative foreclosure prevention and neighborhood stabilization strategies at the local level. In the spring of 2009, the Federal Reserve’s Conference of Presidents embarked on a collaborative effort to leverage the
substantial knowledge of experts in mortgage markets across the Federal Reserve System. Under the auspices of the Mortgage Outreach and Research Efforts (MORE) initiative, the 12 Federal Reserve Banks and the Board of Governors have worked together proactively to inform and engage policymakers, community organizations, financial institutions and the public.

This publication, Addressing the Impact of the Foreclosure Crisis, highlights MORE-sponsored projects designed to communicate best practices and information about innovative programs to improve conditions in neighborhoods affected by high rates of foreclosure. It also reviews initiatives undertaken by the various Reserve Banks and the Board of Governors to respond to the foreclosure crisis. More detailed information about MORE projects, including foreclosure toolkits and other valuable information for borrowers and community organizations, can be found at the Foreclosure Resource Center of www.chicagofed.org and the other Federal Reserve Bank websites."