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.
November 18, 2021
The event was open to the public and the media. All remarks were on the record and the event was recorded.
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
David J. Erickson, Senior Vice President and Head of Community Development & Education, Federal Reserve Bank of New York
This event was open to the media. All remarks were on the record and the event was recorded. Press contact: Ellen Simon, email@example.com
Forbearance Participation Declines as Programs’ End Nears
What’s Next for Forborne Borrowers?
Small Business Owners Turn to Personal Credit
What Happens during Mortgage Forbearance?
Keeping Borrowers Current in a Pandemic
Mortgage Rates Decline and (Prime) Households Take Advantage
Following Borrowers Through Forbearance
Debt Relief and the CARES Act: Which Borrowers Face the Most Financial Strain?
Debt Relief and the CARES Act: Which Borrowers Benefit the Most?
Are Financially Distressed Areas More Affected by COVID-19?
Inequality in U.S. Homeownership Rates by Race and Ethnicity
Homeownership and Housing
Federal Reserve Bank of New York Staff Reports, January 2020