A wide-range of studies reveal that the down payment remains the single biggest obstacle to homeownership. Even with lower home prices, rock bottom interest rates, and local incentives, many would-be buyers remain on the fence. In an effort to raise awareness about the variety of homeownership assistance programs available, Atlanta-based Workforce Resource --- a PBP partner -- recently launched  Down Payment Locator. The web-based tool allows consumers to discover what programs are available in the area they want to live and also match their personal situation. After completing a brief survey, consumers are provided with a brief summary of the available assistance programs and links to learn more. Down Payment Locator is currently available only in Metro Atlanta. To learn how to add a link to Down Payment Locator on your organization's site, please contact [email protected].

(Courtesy of AJC):  A recent appeal court ruling in favor of a Cobb County couple could leave mortgage companies liable for damages for not following state law in an unknown number of Georgia foreclosures.The 4-3 ruling probably won't undo the result of past foreclosures, lawyers say, but could open another avenue for borrowers to sue mortgage firms.  The issue involves the many lenders who sell their loans to other parties such as investment trusts, but serve as stand-ins handling the paperwork in the foreclosure process and act as if they still own the loans.  The Court held that the name of the actual owner of a mortgage must be present in foreclosure filings and notices sent to delinquent borrowers. MORE

(Courtesy of New York Times Opinion Pages; July 18) - Writing for the New York Times Opinion Page, law professor and consumer policy blogger Jeff Sovern advises consumers to consider hiring a mortgage counselor to help navigate new disclosures proposed by the Consumer Financial Protection Bureau to clarify the terms of housing loans for millions of homeowners. "This sounds like a minor improvement, but in fact it's a significant step toward preventing another subprime disaster.If consumers ignore the new forms, we run the risk of another loan crisis. And critics of consumer-protection efforts will use that to block future reforms. What can be done? We cannot simply eliminate the bulk of the disclosures, because many of them are important and will be of use to borrowers willing and able to work with them. There's no way around it: mortgage transactions are complex and involve a tremendous amount of information.  But life is filled with complexities, and we have a way to deal with them: hire an expert. Indeed, consumers who cannot or will not understand mortgage disclosures should be required to hire mortgage counselors. (A proposed companion rule from the bureau does require counseling, but for only a small number of borrowers, far fewer than need it.)"  MORE

(Courtesy of Council for Quality Growth):United States House Transportation Committee Chairman John Mica spoke at a recent event hosted by the Council for Quality Growth and the Urban Land Institute of Atlanta.  During his speech, Chairman Mica stated, "If (Atlanta) want(s) to see your portion of (federal) transportation (funds) go to someplace else...if you're not ready (to invest in yourselves)...it will go somewhere else where they are ready to do things.  You don't want Atlanta stuck in neutral; you don't want Atlanta and this region going in reverse.  What you need to do is move this community and all communities forward.  Think of the jobs and the opportunity (created) for people to work."  

(Courtesy of The Federal Reserve Bank of Atlanta)  The Federal Reserve Bank of Atlanta today released its 2011 annual report, which provides an interactive narrative of four forces that shaped the economy in 2011. According to the Atlanta Fed, these forces including the ongoing process of economic adjustment including deleveraging, certain dynamics in the labor market, a pervasive atmosphere of uncertainty, and monetary policy.  MORE