San Francisco Fed - Annual Report 2007

The San Francisco Federal Reserve in 2007 launched an initiative to help homeowners in hard-hit communities to avoid foreclosure, the institution states in its latest Annual Report.

As Edward Gramlich [a former governor of the Federal Reserve who passed away in 2007] notes in his book, Subprime Mortgages: America's Latest Boom and Bust, expanded access to credit has provided many low-income and minority families with opportunities to become first-time homeowners and build assets. The recent rise

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