Undoubtedly, foreclosures can have a devastating impact on borrowers, lenders, families, and communities. To the extent possible, efforts should be made to avoid foreclosure. Toward that end, the Federal Reserve along with the other agencies have encouraged lenders and servicers to identify opportunities to work with borrowers confronting mortgage delinquency or foreclosure.
Trends in the financial services industry Perhaps, some may judge such information as an indication that the combination of market forces and industry trends has had negative effects on consumers. On the contrary, many benefits have accrued to consumers of household and business credit as the result of the remarkable growth and technological developments that have occurred in financial services.