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UDLC and Cleveland Federal Reserve Bank Present REO Servicing Seminar

posted Apr 15, 2011, 7:57 AM by Kermit Lind
A very successful day-long seminar was held at C|M April 11 in which community and municipal advocates along with servicers of bank real estate owned property (REO) collaborated to shed light on the problems and some potential solutions for abandoned vacant housing.  The event was designed by the staff of the Federal Reserve Bank and the Clinic to initiate more effective collaboration between two camps with divergent interests.  The day concluded with the announcement of an ongoing collaboration between REO servicers and the municipal and community law enforcement personnel in the Cleveland area to work together to deal with the continuing surge of housing in distress after foreclosure.

Many of the 70 persons who attended the seminar were attorneys who were able to get CLE credit.  Others were code enforcement officials, REO servicers, public officials, community development corporation staff and neighborhood advocates. 

Presenters offered data and economic analysis on the effect of the mortgage crisis in the Cleveland area, perspectives on the challenges faced by both communities and the bank REO servicing industry, and examples of programs and projects that attempt to mitigate the abandoned property problems.  Metropolitan Cleveland has been a leading location for innovation, especially with the establishment of its county-wide Land Reutilization Corporation.

This Cleveland Federal Reserve Bank web site has the agenda with the materials and slide presentations.