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Inside Washington (08/27/2010)
* WASHINGTON (8/30/10)--Neighborhood stabilization in the face of massive foreclosures is the topic of a Federal Reserve System national summit on Sept. 1-2. Neighborhoods with high numbers of foreclosed properties face a raft of problems, such as declining property values, loss of public services due to reduced tax revenue, and increased levels of crime. The symposium is intended to take an extensive look at practical and tested strategies that nonprofit organizations, local and regional governments, federal officials, and lenders can use to mitigate the impact of vacant and real estate owned (REO) property--property held on the books of banks, typically after failure to sell at foreclosure auction. Summit speakers shall include Federal Reserve Governor Elizabeth A. Duke; U.S. Department of Housing and Urban Development Secretary Shaun Donovan; Federal Reserve Bank Presidents Charles Evans (Chicago), Sandra Pianalto (Cleveland), and Eric Rosengren (Boston); and representatives of various sectors involved in the foreclosure process and community stabilization efforts. Live video of the event will be available online at: http://www.ustream.tv/channel/federalreserve ... * JACKSON HOLE, Wyo. (8/30/10)--Federal Reserve Board Chairman Ben Bernanke said Friday that if the economic recovery remains slow and threatens to slip into a cycle of falling prices, the Fed will stand ready to resume its large purchases of longer-term debts, adding to its already hefty level of such holdings. Speaking at the Federal Reserve Bank of Kansas City’s Economic Symposium here, Bernanke said specifically, “I believe that additional purchases of longer-term securities, should the (Federal Open Market Committee) choose to take them, would be effective in further easing financial conditions.” The FOMC sets interest rates. Bernanke also said, however, that he believes that economic growth would continue in the second half of this year, although he predicted it would come at a modest pace. debt-crisis abate, and increased consumer savings levels. He further predicted a “pickup of growth in 2011” if certain “preconditions” stay true--such as increased bank lending, decreased concerns over the European sovereign “Stronger household finances, rising incomes, and some easing of credit conditions will provide the basis for more-rapid growth in household spending next year,” the Fed leader said …


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