Earlier this month, we announced a new partnership with the nonprofit NeighborWorks America to develop materials, tools, and training programs to help communities and others acquire and manage vacant properties. The goal is to support the provision of affordable rental housing and new homeownership opportunities in low- and moderate-income neighborhoods.
The Federal Reserve has collaborated with the CSBS on several interagency initiatives to help struggling homeowners and to enhance the functioning of the mortgage markets. The federal banking agencies and the CSBS last fall issued guidance urging lenders and servicers to pursue workout arrangements, when feasible and prudent, as an alternative to foreclosure.