An Informed Discussion of Nontraditional Mortgage Products & Escalating Foreclosures

On December 11 & 12, 2007, the Federal Reserve Bank of Chicago, Consumer and Community Affairs Division, in co-sponsorship with the University of Wisconsin Extension, and the Wisconsin Housing and Economic Development Authority (WHEDA), will host a conference titled, "An Informed Discussion of Nontraditional Mortgage Products & Escalating Foreclosures." The conference will be held at the Country Springs Hotel in Waukesha, Wisconsin.

Participants will gain valuable insights from experts who will explore the risks posed by nontraditional mortgage products as well as the problems created by Wisconsin's rising number of foreclosures. "Nontraditional," "alternative," or "exotic" mortgage products are residential loans that include "interest-only" and "payment option" adjustable-rate mortgages that allow borrowers to defer repayment of principal and sometimes interest. These products allow borrowers to exchange lower payments during an initial period for higher payments later. The conference also seeks to build a grassroots coalition to build an effective community response to address the rising tide of Wisconsin foreclosures, which rocketed 34% in the state last year and have jumped another 21% thus far in 2007.

Day One
Topics on Tuesday, December 11, 2007 include nationally recognized practitioners and academics that understand nontraditional mortgage products and the foreclosure process. In addition, many of the speakers and panelists hail from Wisconsin-based organizations and will help the audience to identify best practices, partnerships and information sharing arrangements that would be mutually beneficial for financial institutions, community development professionals, capital markets, government agencies, and researchers addressing the risks posed by nontraditional mortgage products and the problem of rising foreclosures.

Day Two
Day Two Events on Wednesday, December 12, 2007 will focus on foreclosure prevention and building an effective community response for Wisconsin. Participants will have the opportunity to engage in this action-oriented day that will be facilitated through task forces made up of attendees. New participants are welcome to attend throughout the day and encouraged to join a task force, if you are interested. When you register for this day, you will be asked to select a task force from the list below:

• Options and Outreach Task Force – Working together to provide appropriate, timely, quality information to Wisconsin consumers about their options when facing delinquency and the potential foreclosure of their home.

• Stabilization & Maintenance Task Force – Solutions for creating and implementing a solid, post–purchase program for Wisconsin homeowners that will help stabilize the homeowner’s financial position and assist with the long term maintenance of their home.

• Financial Options & Strategies Task Force – Exploring what additional short and long term financial options and strategies may be needed in Wisconsin to complement existing solutions to prevent foreclosure.

  Dress Code
  Dress code is business attire.
  
  Location
  Country Springs Hotel
  2810 Golf Road
  P.O. Box 2269
  Waukesha, Wisconsin 53817-2269
  Phone: 262-547-0201 or toll free: 800-247-6640
  Home Page: http://www.countryspringshotel.com/index.aspx

  Attendees must make their own hotel reservations, the price of which is not included in the conference fee. There have been a number of rooms blocked for this event at a discount rate, and on a first-come, first-served basis. Please make your reservations promptly. To obtain these rates, hotel reservations must be made no later than Monday, November 19. Mention the Federal Reserve Bank of Chicago Foreclosure Conference.

  Registration Fee
  The registration fee for this event is $60.00 ($40.00 for nonprofit organizations), and includes meals and conference materials. Conference registration and payment deadline is Monday, December 3. Refunds are not available for this event.

  Payment
  Visa, Mastercard, American Express, and Discover credit cards are accepted.
  
  Checks should be made out to the Federal Reserve Bank of Chicago and mailed to:
  
  Barbara Shoulders
  Consumer & Community Affairs
  Federal Reserve Bank of Chicago
  Rural America - Ames Conference
  PO Box 834
  Chicago, IL 60690-9975