Regional President Speech

\jj080696 Greater Cincinnati/Northern Kentucky Residential Mortgage Credit Project August 6,1996 • Good morning! I’m Jerry Jordan, president of FRBC. • Welcome to our Cincinnati Office. Thanks for sharing part of your day with us. • We are here to discuss and marshal support for the GC/NK Residential Mortgage Credit Project. • I support the project because: It’s not another sterile study. It’s not a wealth transfer program. Its focus is on qualified home buyers. It is a market-based program — to remove sand from the gears. • FRBC helped initiate Cleveland Project three years ago — more on that later from Charlie. • Five other Reserve Banks have similar efforts. • This project must be tailored to Cincinnati’s needs — not a clone of Cleveland Project. Broad local leadership involvement is essential. • Substantial resources are already committed: My organization is committed to supporting the project. Several other sponsors are committed --1 thank them. We have an energetic, dedicated planning committee. Malcolm Bush, president of Woodstock Institute will be an advisor. He was advisor to Cleveland Project — provided significant value. • Your support is essential to launching the project, and to its success. Now I want to introduce Bill Graelis. Greater Cincinnati/Northern Kentucky Residential Mortgage Credit Project August 6,1996 Good morning, Fm Jerry Jordan, president of the Federal Reserve Bank of Cleveland and I would like to officially welconje you to our Cincinnati Office. I am extremely encouraged by the potential of what can occur in Cincinnati by implementing the Greater Cincinnati Northern Kentucky residential mortgage credit process. My organization became engaged in a similar process approximately three years ago in Cleveland. This program will examine every phase of the mortgage transaction process and seek to remove impediments or barriers from the process that may preclude financially qualified individuals from becoming homeowners. You will hear more regarding the Cleveland experience later in the program. I was intrigued by the Cleveland experience and requested my staff to pursue implementing this model in another City in our district. I announced they would be pursuing this initiative in Cincinnati, however, I might also add prior to informing them of this. That’s nrt normally how I assign projects, however, I am certain they will rise to the occasion. Charlie and assurred me that a great deal has been accomplished already by the volunteers that serve on the planning committee. It is important that you understand that this program is tailored specifically to local issues in the Cincinnati market. However, I wanted the Cincinnati community to have the benefit of the expertise that our staff brings to this process through the Cleveland experience. We feel that the local leaderships involvement in this project is essential, in order to develop effective local solutions to respond to the communities concerns. Although he is unable to be with us today, the staff has also recruited Malcolm Bush, president of the Woodstock Institute to participate as an advisor to the Cincinnati project. Mr. Bush was involved in the Cleveland program and provided significant value to the overall process. Once again, we have a nucleus of individuals with considerable experience to assist us with this process. We have committed significant resources to this project during the planning phase and will continue to support the program. We need your support through the commitment of time and talent from professionals within your respective organizations to assist us with identifying ways we can improve the residential mortgage credit process for everyone. Through my participation in the Conference of Presidents I periodically share information regarding our experiences with the Cleveland program with my colleagues. As a result, five other Reserve Banks are endeavoring to implement similar efforts. I want to personally thank Bill Graelis and the other sponsors for supporting this project and to publicly express my gratitude to the members of the planning committee for the assistance they have provided to my staff. Thank youVnaking us a part of your day and at this time I would like you to hear from Bill Graelis. Gre; ter Cincinnati/Northern Kentucky Widential Mortgage Credit Project August 6,1996 Good morning, Dol/lHA I‘m Jerry Jordan, president of the Federal Reserve Bank o tSStffkACe *- Us<*J ft* officially welcome you to our Cincinnati Office. I am extremely» a-S a. s& rhh] fot&i-, £ w r*'* what can occur in Cincinnati by implementing the Greater Cincini ' ’ f)##*-* residential mortgage credit process. My organization became enga ^ approximately three years ago in Cleveland. This program will ex mortgage transaction process and seek to remove impediments or bi may preclude financially qualified individuals from becoming home regarding the Cleveland experience later in the prograr- P.r. I was intrigued by the Cleveland experience an implementing this model in another City in our distric initiative in Cincinnati, however, I might also add pric itk fp normally how I assign projects, however, I am certair ^jggjajdwfe'assurred me that a great deal has been acc serve on the planning committee. It is important that you understand that this pi Wiiuiivuuv^ issues in the Cincinnati market. However, I wanted the ^umau benefit of the expertise that our staff brings to this process through the Cleveland experience. We feel that the local leaderships involvement in this project is essential, in order to develop effective local solutions to respond to the communities concerns. Although he is unable to be with us today, the staff has also recruited Malcolm Bush, president of the Woodstock Institute to participate as an advisor to the Cincinnati project. Mr. / UK{J\ ThiAi/^., & / r / —V & ) 1 ( "r 1 ! # C/ $ / k&fiF pfe*M f/tf/h -~ifc /✓//[ s'i-4>/)*p7^ ✓ // CLtrU tv,/( ^ /^ / iulltfa S - 7 # J 9* 1 crt/y 0 /" C (? v? IavJ | J ( ^ _ id . (DRAFT) Greater Cincinnati/Northern Kentucky /tfh jz tiU lu s (V ^ a^ j Residential Mortgage Credit Project -4 Chief Executive Officers Breakfast August 6,1996 7:30 AM - 9:00 AM Welcome - Jerry Jordan, President, Federal Reserve Bank of Cleveland William Grealis - President, Cincinnati Gas and Electric Company - Introduce the Sponsors, (Brief remarks on behalf of the sponsors) Roxanne Qualls - Mayor, City of Cincinnati John S. Dowlin - Commissioner, Hamilton County Ohio William J. Harris - Area Coordinator, U.S. Department of Housing and Urban Development, Cincinnati Area Office Nicolas P. Retsinas - Assistant Secretary for HojuBS^ederal Housing . Commission/tJ.S. Department of Housing and Urban Development, Washington, D.C. (national interest in this area) Presentation: Charlie Cerino, Senior Vice President, Federal Reserve Bank - Cincinnati Office Introduce the Planning Committee (Request them to stand and be recognized) J. Stephen Dobbins, Executive, Cinergy Corporation Mission Statement Goals Objectives Ground Rules Announce Date of Two-day event Entertain Questions, (Adjourn) C ( v 3 t c h '^ ^

Jerry L. Jordan (1996, August 5). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19960806_jerry_l_jordan

@misc{wtfs_regional_speeche_19960806_jerry_l_jordan,
  author = {Jerry L. Jordan},
  title = {Regional President Speech},
  year = {1996},
  month = {Aug},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19960806_jerry_l_jordan},
  note = {Retrieved via When the Fed Speaks corpus}
}