The Fed is particularly well suited to such an effort. Our community development experts are working on the ground to promote fair and equal access to banking services and improve communities. Further, Federal Reserve staff members are conducting empirical research on mortgage- and foreclosure-related topics, and are reaching out to industry experts as well. We are focusing on the hardest-hit cities and regions of the country.

A new publication released this week offers details about the MORE effort. Copies are available here today, and it is available online at the website of the Federal Reserve Bank of Chicago.¹The report identifies approaches the Fed has taken to mitigate the foreclosure crisis, and I'd like to share some highlights of that work.

We have helped many of our community development partners organize day-long "mega events" that have served thousands of troubled borrowers. Moreover, we've brought together housing advocates, lenders, academics, and key government officials to discuss foreclosure issues and develop solutions. In some cases, alliances have been formed right on the spot to create and implement programs to keep people in their homes.

We have also partnered with the U.S. departments of Labor and Treasury and with the HOPE NOW Unemployment Taskforce to help unemployed homeowners avoid losing their homes. This collaboration led to the creation of an online tool that allows homeowners and servicers to document unemployment insurance benefits as income in order to qualify for federally sponsored mortgage modification programs.

Each Federal Reserve Bank has an online Foreclosure Resource Center with information on foreclosure-related resources, including an enhanced Foreclosure Mitigation Toolkit, which provides detailed steps and information for localities seeking to develop foreclosure prevention activities. The toolkit also includes a new Foreclosure Recovery Resource Guide, which helps consumers recover from the foreclosure process.

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