Indianapolis to Host Foreclosure Summit

The Federal Reserve Bank of Chicago and Networks Financial Institute at Indiana State University are convening a "Solving the Foreclosure Crisis" conference here in August.

The financial forum is scheduled for Tuesday, Aug. 28, from 8 a.m. to 3 p.m. at the Crowne Plaza in Indianapolis.

Networks Financial Institute noted that foreclosure filings surged 90% in May of this year from a year earlier. May filings were also up 19% from the April rate.

"This ominous spike in foreclosures during a time of year that has traditionally been the busiest for home sales may be another sign that the housing sector's slide is not over and that the foreclosure rate may increase later in the year," the institute said in a news release.

The institute said the rising foreclosure problem is widespread, with 43 states reporting increases in May with just eight states seeing declines.

The forum is expected to address expectations for how bad the foreclosure problem will become, what solutions or remedies can reverse the trend, and what recourse consumers have if they have been influenced by unethical lenders and builders, the institute said.

(c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com