PHILADELPHIA — The Federal Reserve Bank of Philadelphia said Thursday it has invited credit union CEOs and their reps to a June 25 meeting of financial institution leaders to review "the latest information on foreclosure prevention loans and assistance" amidst the mounting foreclosure problem in metropolitan Philadelphia.
The seminar, sponsored by the Philadelphia Fed's Financial Education Network of Southeastern Pennsylvania and which follows a similar session in February, is expected to have representation from a host of groups including "nonprofits, houses of worship, and government agencies" all of which do financial education "or homeowner counseling."
Earlier this week, the city of Philadelphia reported an 18% increase in foreclosure filings last year reaching 6,200 with a jump expected to 8,500 in 2008. Sheriff sales have been postponed until July to give homeowners who are facing increases in ARMS or high subprime rates a chance to keep their homes.
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Also, Philadelphia Mayor Michael Nutter on Tuesday announced a new $2 million education initiative called the Philadelphia Mortgage Foreclosure Protection Plan to help residents avoid foreclosure and which includes door-to-door visits, counseling, and a hotline, all promoted by radio, TV and print ads.
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