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February 28, 2008

Foundations Turn Their Attention Toward the Foreclosure Crisis

Some of the country’s wealthiest foundations are developing plans to combat the growing foreclosure crisis, The Wall Street Journal reports.

The Ford Foundation, in New York, plans to support programs focused on reducing the number of homes that end up in foreclosure, and Living Cities, a New York consortium of major foundations and financial institutions that work to revive inner cities, is also considering how to support programs that will enable borrowers to keep their homes and get abandoned properties back into use.

“Every big funder is out there trying to figure out how to participate in systemic responses,” said George McCarthy, a senior program officer at the Ford Foundation. Mr. McCarthy noted that “no one can figure out where the opportunity lies” and how a foundation’s money can be spent most effectively.

See The Chronicle’s article on how foundations and charities are devising ways to deal with the loan crisis.

(A paid subscription is required to view the Wall Street Journal article.)

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