Spring Break
Federal Reserve Bank of Richmond presents foreclosure forum
Faten Husni Odeh
Issue date: 10/30/08 Section: News
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"We are hosting this foreclosure forum [at] universities in our districts and ECU is one of them," said Angelyque Campbell, senior manager for community affairs of the Federal Reserve Bank of Richmond.
The forum took place Oct. 27 in Hendrix Theater and included panelists from the Federal Reserve Bank of Richmond that covered topics ranging from the credit market to mortgage foreclosures.
"Its [Foreclosure Forum] going to help me be more conscious about my credit and where to buy a house when its time-it kind of gives you awareness," said Darian Dixon, a junior enrolled in a finance course at ECU.
The theater was comprised of students and community members hoping to gain knowledge on how to prevent losing a home and how to avoid credit problems.
The panel consisted of senior analyst Michael Riddle, senior retail lending specialist Steve Sanderford and associate professor of economics at the University of Maryland, Baltimore County, Robert E. Carpenter. ECU Professor of Economics, Randall E. Parker, moderated the discussion.
Slideshows titled "The Widespread Impacts of Mortgage Foreclosures: From Credit Markets to Local Communities" and "Financial Spillovers from the Housing Market Shakeout," were shown at the forum. Attendees were able to pick up copies of the presentations at the door along with brochures about the Federal Reserve and the Federal Reserve Bank of Richmond. Pamphlets about career opportunities with the Federal Reserve Banks were offered in addition to bookmarks, business cards and shredded money, amongst other materials.
"The regulation area is with us … and we are providing this foreclosure forum to help communities understand the impact of foreclosures in their local community and on the national economy [level]," Campbell said.
According to the Federal Reserve Structure and Functions brochure, The Federal Reserve System stabilizes the health of the economy by making monetary policy decisions, "contributing to the safety and soundness of the nation's financial system by establishing regulations and acting as a commercial bank supervisor." Also, by serving as a bank for depository institutions and the federal government, the Federal Reserve is responsible for keeping the economy "in check."
The Federal Reserve Bank of Richmond is one of the 12 reserve banks in the nation. The Federal Reserve Bank of Richmond is continuing with its educational forums to assist the public.
"We're headed to George Mason University next but we were very thankful for the support we received from ECU to put on this event," Campbell said.
This writer can be contacted at News@theeastcarolinian.com.
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