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Burnham-Moores Center Co-Hosts Foreclosure Symposium with Fed, FDIC, HUD, OCC

On Oct. 30, the Burnham-Moores Center for Real Estate, with the Federal Deposit Insurance Corporation, the Federal Reserve Bank of San Francisco, the Office of the Comptroller of the Currency, HUD and the City Heights Business Association, co-hosted an all-day symposium that addressed the foreclosure crisis in San Diego County.

The symposium, "Developing a Regional Plan for Neighborhood Stabilization: Focus on San Diego County," was attended by approximately 150 attendees, including representatives from national, regional and local governments, non-profits and the private sector. Several elected officials also were present, including Congressman Bob Filner of the 51st Congressional District and San Diego City Council member Tony Young, who both underscored the importance of the event during their remarks.

During the morning plenary session, Susan Peppler, assistant secretary of community planning and development at the U.S. Department of Housing and Urban Development in Washington, D.C., delivered a presentation on the Housing and Economic Recovery Act. She was followed by Melody Winter Nava of the Federal Reserve Bank of San Francisco, who presented data on foreclosures in San Diego County.

Attendees then broke into workgroups to come up with forward-thinking solutions in three critical areas: foreclosure prevention strategies, reclaiming REO properties and homebuyer financing strategies. Norm Miller, professor and director of academic programs at the Burnham-Moores Center, provided the keynote luncheon address, which looked at national foreclosure rates and trends and provided an alternative solution: shared appreciation units.

A report of the symposium's findings and recommendations will be presented to local, state and federal agencies as well as the general public. The report will, in part, be produced by Master of Science in Real Estate students Rammy Cortez, Brent Farrell, Bryce Lewis, Joe Phair, Josh Vrotsos and Sasha Zhang.