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PPT : Dealing with a New Market Place: Managing Mortgage Defaults in an Age of Risk-based Pricing
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* Creates opportunities for people to live in affordable homes, improve their lives and strengthen their communities
* Congressionally chartered with statutory board:o Board of Governors for the Federal Reserveo Office of Thrift Supervisiono National Credit Union Administrationo US Dept of Housing & Urban Developmento Office of the Comptroller of the Currencyo FDIC * Provides financial support, technical assistance, and training for community development efforts around country
NeighborWorks? America The NeighborWorks? Network
* 232 independent housing and community development nonprofit organizations * All 50 states, Puerto Rico and D.C. * Resident engagement; locally tailored solutions * $12.25 billion invested in America’scommunities * 111,000 families have become homeowners * 638,000 families have been counseled aboutthe home buying process NeighborWorks? Center for Foreclosure Solutions
* Began as pilot in 2005 * Now the nation’s leading nonprofit foreclosure mitigation program * Training for foreclosure counselors * Public outreach, educational, and awareness campaigns * Sustainable programs in cities and states with high foreclosure rates * Post-foreclosure and neighborhood stabilization solutions
* 1 out of 5 sub-prime loans issued during 2005-2006 projected to fail (Center for Responsible Lending) 43% of loans originated in 2006 will result in foreclosure (Fitch) * 2.6 million homes will be lost in 2008-2009 (CRL) * 1 in 483 households received a foreclosure filing in May (RealtyTrac) Foreclosure Outlook Effects of Foreclosure
* Nearly 8.5 million homeowners had negative or no equity in their homes at end of March (Moody’s)o Estimated to increase to 12.2 million or almost 1 out of 4 homeowners by end of June * For first time in 40 years, homes in United States are on average worth less today than they were just the year before * More than $736 billion in housing wealth has already been lost * More than $1.14 trillion will be lost by end of 2008 and another $748 billion in 2009 (The Joint Economic Committee) Financial Impact
* 0.9 – 1.44% loss in value for each home within 1/8 mile of foreclosed home (Immergluck)
o 44.5 million homes will lose value because they are near a subprime foreclosure (CRL)
o $223 Billion loss in neighborhood wealth and $4.5 Billion lost in local tax revenue (CRL) Cleveland, OH: An Example Community Impact
* Loss of property value * Increased crime, vandalism and fire * Increased strain on municipal services coupled with declining tax base * Increasing homeless population * Negative effects on children * Environmental hazards * Loss of local businesses and services * Increasing unemployment * Abandoned pets
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PPT : Dealing with a New Market Place: Managing Mortgage Defaults in an Age of Risk-based Pricing.ppt
Category : MortgageSource : www.virginiaforeclosureprevention.com
File Size : 1.14 Mb
Language : English
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Tags: housing and community development, neighborhood stabilization, office of the comptroller, sustainable programs