August 19, 2008
Here’s the latest from the St. Louis Beacon:
By Mary Delach Leonard
A new online “Foreclosure Resource Center” launched by the Federal Reserve Bank of St. Louis is aimed at financially troubled homeowners, but it also offers useful consumer advice for people who aren’t in danger of losing their homes.
For example, a link titled “You May Be Paying Too Much for Your Mortgage” offers four scenarios that could prompt a borrower with a good credit history to refinance or shop around for a better deal on a loan. A section on bank-related complaints includes directions for filing complaints against financial institutions and answers to commonly asked questions about credit and loans.
The online help center can be accessed through the Fed’s website. Click on the top box on the right side of the homepage, and you will be directed to the site that includes a roundup of mortgage industry-related news and research published by Fed economists.
Homeowners worried about foreclosure will find links to local housing counselors and agencies approved by the Department of Housing and Urban Development, as well as suggestions for seeking help.
Help for neighborhoods
The St. Louis Federal Reserve Bank is hosting a symposium Sept. 24-25 for communities dealing with the negative impact of the foreclosure crisis.