Event

An Economy That Works for All: Fostering Low-Income Homeownership

November 18, 2021

 

The Federal Reserve Bank of New York hosted a virtual event, "An Economy That Works for All: Fostering Low-Income Homeownership" on November 18, 2021. This multi-disciplinary event featured presentations by researchers at Federal Reserve Banks on the latest research on mortgage forbearance and refinancing, with focus on differences across income and race. The event also featured a discussion by business and nonprofit leaders working to prepare low-income families for home ownership and build capacity in organizations focused on expanding home ownership. A second panel featured leaders from the financial and banking sector discussing their efforts to address hurdles to first-time homebuying for low-income families and mortgage forbearance.


Event Details

Date & Time
November 18, 2021
10:00am-11:45am EDT

Audience

The event was open to the public and the media. All remarks were on the record and the event was recorded.

Agenda
10:00am-10:05an Welcome

Theresa Torres, Chief Diversity Officer, Federal Reserve Bank of New York
10:05am-10:25am New Research on Housing Finance

Introductory Remarks: Andrew Haughwout, Senior Vice President and Policy Lead, Federal Reserve Bank of New York

Forbearance: Donghoon Lee, Officer and Research Economist, Federal Reserve Bank of New York  Presentation

Refinances: Paul Willen, Senior Economist and Policy Advisor, Federal Reserve Bank of Boston  Presentation
10:25am-11:05am Community Development Panel Discussion: The Reality of Homeownership & Community-led Solutions

Moderator: Tony Davis, Community Affairs Officer and Director of Community Development, Federal Reserve Bank of New York

Michael Loftin, Chief Executive Officer, Homewise

Noelle Melton, Vice President of National Homeownership Programs & Lending, NeighborWorks America

Bernell Grier, Executive Director, IMPACCT Brooklyn
11:05am-11:45am Financial Services Panel Discussion: Conversation with Bankers on Homeownership Inequities

Moderator: Janis Frenchak, Vice President of Consumer Compliance, Federal Reserve Bank of New York

Jay Bacow, Managing Director, Morgan Stanley

Patricia Sampson, Vice President, Banco Popular

Cerita Battles, Managing Director, JPMorgan Chase
11:45am Closing

David J. Erickson, Senior Vice President and Head of Community Development & Education, Federal Reserve Bank of New York

Media
This event was open to the media. All remarks were on the record and the event was recorded. Press contact: Ellen Simon, ellen.simon@ny.frb.org

ADDITIONAL RESOURCES

Housing and Financial Capability Survey - NeighborWorks America
November 2021

Forbearance Participation Declines as Programs’ End Nears
August 2021

What’s Next for Forborne Borrowers?
May 2021

Small Business Owners Turn to Personal Credit
May 2021

What Happens during Mortgage Forbearance?
May 2021

Keeping Borrowers Current in a Pandemic
May 2021

Mortgage Rates Decline and (Prime) Households Take Advantage
February 2021

Following Borrowers Through Forbearance
November 2020

Debt Relief and the CARES Act: Which Borrowers Face the Most Financial Strain?
August 2020

Debt Relief and the CARES Act: Which Borrowers Benefit the Most?
August 2020

Are Financially Distressed Areas More Affected by COVID-19?
August 2020

Inequality in U.S. Homeownership Rates by Race and Ethnicity
July 2020

Homeownership and Housing
Federal Reserve Bank of New York Staff Reports, January 2020


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