Richmond Fed panelists to speak at ECU foreclosure forum

Hard hit by job losses in the manufacturing industry, North Carolina knows about difficult economic times.
But the meltdown of the subprime mortgage market and the ever-increasing credit crunch has added new dimensions to the region’s challenges. Communities must now contend with escalating foreclosure rates and look for strategies to help homeowners keep their homes.

“Widespread Impacts of Mortgage Foreclosures: From Credit Markets to Local Communities,” a forum sponsored by East Carolina University’s Department of Economics and the Federal Reserve Bank of Richmond, will focus on the credit market and the impact of mortgage foreclosures.

The free, open forum will be held at 7 p.m. on Monday, Oct. 27, in ECU’s Hendrix Theatre.

Topics include:
• The key drivers behind the mortgage foreclosure and credit lending crunch, nationally and locally, and how it compares with previous housing market disruptions.
• The effect of foreclosures on communities in North Carolina.
• Federal Reserve, federal and local governments’ responses to local housing market conditions.

Dr. Randall E. Parker, professor of economics at ECU will moderate the discussion. Fed panelists feature senior analyst Michael Riddle and senior retail lending specialist Steve Sanderford. Also presenting is Robert E. Carpenter, associate professor of economics at the University of Maryland, Baltimore County, as well as a visiting senior financial economist at the Richmond Fed.

Individuals requesting accommodations under the Americans with Disabilities Act (ADA) should call 252-737-1016 (voice/TTY) at least 48 hours prior to the event.