A spike in home foreclosures can pose costs for whole neighborhoods,
causing property values to decline and crime to increase. This can
undermine the financial stability of neighboring families and communities.
Founded in 2004, The Homeownership Preservation Foundation is a
Minneapolis-based 501(c)(3) nonprofit dedicated to reducing foreclosures
and preserving homeownership for American homeowners. The Foundation
partners with city, county and state governments; federal government
agencies; community-based nonprofit organizations; and mortgage companies
to offer creative solutions to preserve homeownership. As of October,
actions by homeowners, not servicers, have prevented the most
foreclosures. This, however, may be a temporary development.
In the mean time, a recently passed state foreclosure legislation gives a
three-month moratorium on foreclosures (beginning in May). This moratorium
is to give owners of properties entering the foreclosure process during
this period to renegotiate with the banks. To alleviate foreclosures, the
FHA could be encouraged to collaborate with the private sector to expedite
the refinancing of creditworthy subprime borrowers facing large resets.
Other changes could allow the agency more flexibility to design new
products that improve affordability through features such as variable
maturities or shared appreciation. Policymakers and stakeholders have been
working to find effective responses to the increases in delinquencies and
foreclosures. Steps that have been taken include initiating programs
designed to expand refinancing opportunities and efforts to facilitate and
increase the pace of loan workouts.
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