State foreclosure prevention efforts: mediation and financial assistance

Robert Clifford

No 11-3, New England Public Policy Center Research Report from Federal Reserve Bank of Boston

Abstract: Housing foreclosure activity in the United States and New England increased dramatically at the beginning of the housing crisis in 2006 and remains elevated. Given their economic and social costs, policymakers have developed a number of policies designed to prevent foreclosures. In recent years, state and local policymakers in New England have implemented two major foreclosure prevention policies: foreclosure mediation programs and financial assistance programs. This report reviews these two foreclosure prevention programs in the New England region. It explores how they are funded, weighs their benefits and challenges, and discusses their effectiveness at preventing foreclosures. The report concludes with policy recommendations for current and future foreclosure prevention programs.

Keywords: Foreclosure; -; New; England (search for similar items in EconPapers)
Date: 2011
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