Federal Reserve Teaming Up With New England Patriots to Help Foreclosure Victims

August 13th, 2008 | Tags: Foreclosure Victims

The Federal Reserve of Boston is teaming up with New England Patriots to go all out to help foreclosure victims. The partnership indicates the keenness of all concerned to check foreclosures.

House owners in New England who are facing foreclosures will have an opportunity to work out their specific problem with the lenders from 1 to 8 pm at a workshop which is free for the participants. It will be held at the Gillette Stadium, Foxborough. Federal Reserve of Boston and the charitable foundation of New England Patriots will sponsor the meeting. Present at the venue will be 20 servicers as well as 80 representatives of mortgage firms. Also will be present housing counselors and representatives of government housing bodies for advice and interaction.

Eric Rosengren, the president of the Boston Federal Reserve is pressing the foreclosure victims to come forward before it gets too late. The goal is to persuade participants to“negotiate a situation that is manageable for borrowers and financially responsible for the servicer.”

Meanwhile wave after wave of foreclosures engulf the country. Troubled borrowers and their advocates complain that it is next to impossible to contact the lender and or its representatives. It is hoped that this event will make things easier to open communications between the lenders and borrowers. Some big lenders will be present – Bank of America, Morgan Chase, Citigroup, Countrywide Home Loans, Washington Mutual and Wells Fargo. What the outcome of all this brouhaha will be only time can tell. The Federal Office has previously tried to sort out matters for foreclosure victims. About 13,000 people responded to the first attempt. It resulted in 19 refinancing according to Kimberly Blanton of the Globe. The Federal Office has previously tried to sort out matters for foreclosure victims. About 13,000 people responded to the first attempt. It resulted in 19 refinancing according to Kimberly Blanton of the Globe. The key to the meeting is that the borrowers have to come with all the relevant papers and documents.

New England is badly hit with foreclosures and as such the Federal bank is anxious to sort out matters. Thousands of letters have been sent to those areas where foreclosures are most intense. Free rides are being offered to those commuting by rail to the workshops. Shuttle buses will also ply between the train station and the stadium.