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2008 News Releases

Longwood University mortgage foreclosure forum features Richmond Fed

September 12, 2008

The Federal Reserve Bank of Richmond

The meltdown of the subprime mortgage industry and the subsequent credit crunch has dominated news about the health of the nation’s financial system, with reports routinely centered on market activities. But what about the homeowners, neighborhoods and communities where mortgage foreclosures are dramatically changing lives and landscapes?

The impact of mortgage foreclosures on communities and the credit market are among the topics to be discussed in an upcoming forum sponsored by Longwood University and the Federal Reserve Bank of Richmond. "Widespread Impacts of Mortgage Foreclosures: From Credit Markets to Local Communities," is slated for 7 p.m. Wednesday, September 24, in Longwood’s Hiner Hall Auditorium (Room 207). The event is free and open to the public and media.

This is the first in a series of forums by the Richmond Fed in partnership with Fifth District colleges and universities in or near communities where mortgage foreclosures are significant.

Topics also include:

  • What are the key drivers behind the mortgage foreclosure and credit lending crunch, nationally and locally? How does it compare with previous housing market disruptions?
  • What has been the impact to Virginia’s neighborhoods and communities?
  • How has the Federal Reserve and federal and local governments responded?

Dr. Paul Barrett, dean of the College of Business and Economics at Longwood, will introduce the Richmond Fed panelists. They include Steve Sanderford, Mike Riddle, Robert Carpenter, who is also an associate professor of economics at the University of Maryland – Baltimore County, and Breck Robinson, who is also an associate professor of economics and finance at the University of Delaware. Greg Gilligan, deputy business editor at the Richmond Times-Dispatch, will be moderator.

For more information, contact Deborah Jackson, Federal Reserve Bank of Richmond, Community Affairs, at deborah.jackson@rich.frb.org, or call 804.697.8913.

For tools and information to help communities respond to foreclosures, please visit the Richmond Fed’s "Foreclosure Resource Center" at www.richmondfed.org.