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Foreclosure Prevention

Overview

Through its collaborative foreclosure prevention work in Mississippi with the Mississippi Center for Justice and the Mississippi Center for Legal Services and its advocacy for policies to combat foreclosure on the federal level, the Fair Housing Project has worked to make a positive difference on the issue of the foreclosure crisis, which has not only been a trigger of the broader economic crisis but has also been a crisis of civil rights unto itself. 

Resources

The Lawyers' Committee's foreclosure resource guide has helpful information about the following providers of foreclosure prevention resources:

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Federal Government:

  • Making Home Affordable
    • The Making Home Affordable program is the Obama Administration's primary foreclosure prevention program.  Eligible borrowers may be able to receive affordable loan modifications or refinance their mortgages at low fixed rates.
  • Federal Deposit Insurance Corporation (FDIC)
    • The primary function of the FDIC is to insure bank deposits of up to $250,000 per depositor per member bank.  Secondarily, the FDIC often steps in to take over failed banks, as it did in 2008 with California's IndyMac Bank.  After assuming control of IndyMac, the FDIC designed and implemented a streamlined loan modification for the failed bank's borrowers.
  • Federal Reserve
    • The Federal Reserve is responsible for overseeing the nation's monetary policy, regulating certain financial institutions, ensuring the stability of the nation's financial system, and lending to financial institutions, the U.S. government, and foreign governments.  Its website and those of its regional branches contain valuable research publications on foreclosure issues and links to foreclosure prevention resources.
  • United States Department of Housing and Urban Development (HUD)
    • HUD is the federal cabinet department responsible for overseeing federal housing and community development programs, as well as fair housing and fair lending enforcement.  HUD's website features a directory of housing counseling agencies, links to other foreclosure prevention resources, and information for borrowers looking to file fair lending complaints.
  • Other federal agencies
    • Other federal agencies with foreclosure prevention resources include the Department of the Treasury, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the U.S. Financial Literacy and Education Commission.  These agencies provide a range of resources, including relevant research publications, educational materials, and links to resources.

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 Government Sponsored Enterprises:

  • Fannie Mae
    • Fannie Mae was founded in 1938 to ensure the steady flow of mortgage credit through the securitization of mortgage loans.  It was placed in conservatorship last year.  In order to be eligible for the Making Home Affordable refinancing program, a borrower's loan must be secured by either Fannie Mae or Freddie Mac.  Fannie Mae has, at times, extended moratoria on foreclosures of the loans that it owns.
  • Freddie Mac
    • Freddie Mac was founded in 1970 to supplement the role already performed by Fannie Mae.  As with Fannie Mae, borrowers whose loans are owned by Freddie Mac may have more foreclosure prevention options than other borrowers.

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State-Specific Resources:

Alabama Alaska Arizona Arkansas
California Colorado Connecticut Delaware
District of Columbia Florida Georgia Hawaii
Idaho Illinois Indiana Iowa
Kansas Kentucky Louisiana Maine
Maryland Massachusetts Michigan Minnesota
Mississippi Missouri Montana Nebraska
Nevada New Hampshire New Jersey New Mexico
New York North Carolina North Dakota Ohio
Oklahoma Oregon Pennsylvania Rhode Island
South Carolina South Dakota Tennessee Texas
Utah Vermont Virginia Washington
West Virginia Wisconsin

Wyoming

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Local Governments:

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Banks:

  • HOPE NOW Alliance
    • The HOPE NOW Alliance is a collaborative foreclosure prevention effort of many national banks, including the four largest.  HOPE NOW offers a free foreclosure prevention counseling hotline, as well as listings of events and links to other resources.  Prior to the advent of the Making Home Affordable program, some bank-driven foreclosure prevention programs were coordinated by HOPE NOW.
  • Bank of America
    • Bank of America is a large financial services firm based in Charlotte, North Carolina.  The bank is participating in the Making Home Affordable modification program and also offers its borrowers other foreclosure prevention options.  In 2007, Bank of America purchased the failed mortgage giant Countrywide.  In 2008, pursuant to a consent decree settling a suit against Countrywide by several state attorneys general, Bank of America instituted a modification program specifically for Countrywide borrowers.
  • JP Morgan Chase
    • JP Morgan Chase is a large financial services firm based in New York, New York.  The bank is participating in the Making Home Affordable modification program and also offers its borrowers other foreclosure prevention options.  In 2008, the bank purchased Bear Sterns, an investment bank that owned EMC Mortgage, and Washington Mutual, which had been the nation's largest savings and loan.
  • Citigroup
    • Citigroup is a large financial services firm based in New York, New York.  The bank is participating in the Making Home Affordable modification program and also offers its borrowers other foreclosure prevention options. 
  • Wells Fargo
    • Wells Fargo is a large financial services firm based in San Francisco, California.  The bank is participating in the Making Home Affordable modification program and also offers its borrowers other foreclosure prevention options.  In 2008, Wells Fargo purchased Wachovia, which had been the nation's fourth largest bank holding company prior to its collapse.

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Practical Progressive - Official Selection 2008