Piece by Piece Update
August 9, 2012
Please take note of the following news and calendar items.
Deadline Extended for Borrowers Seeking Independent Foreclosure Review
Borrowers seeking a review of their mortgage foreclosures under the federal banking agencies' Independent Foreclosure Review now have until December 31, 2012, to submit their requests.The Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (Federal Reserve) recently announced that the deadline for submitting requests for review under the Independent Foreclosure Review has been extended. The new deadline provides additional time for borrowers to request a review if they believe they suffered financial injury as a result of errors in foreclosure actions on their homes in 2009 or 2010 by one of the servicers covered by enforcement actions issued in April 2011. MORE
HomeSafe Georgia Holds the Key to Foreclosure Prevention for Unemployed Georgians
(Courtesy of Georgia DCA) The Georgia Department of Community Affairs (DCA) is administering $340 million from the United States Treasury's Hardest Hit fund to provide temporary financial assistance to eligible homeowners. Known as HomeSafe Georgia, the program provides a unique opportunity to help up to 18,000 Georgia families keep their homes instead of facing foreclosure. The intent of HomeSafe Georgia is to provide a financial bridge for families who, through no fault of their own, have suffered a significant loss of income during our "Great Recession". Homeowners who are unemployed, underemployed (25% reduction in income for wage-earners) or self employed (with a 30% loss in gross receipts) may qualify for assistance.
Since the inception of the program 15 months ago, HomeSafe Georgia has helped close to 1,600 families save their homes from foreclosure. DCA believes the next 24 months will be key to reaching their goal of helping 18,000 families within four years. To achieve this goal, DCA is partnering with the Georgia Department of Labor, Regional Commissions, local elected officials, community leaders, and other state, regional and local partners, both public and private, in a true Team Georgia approach.
In addition, DCA is currently evaluating proposals for statewide and regional partners who have an excellent history of offering foreclosure prevention counseling to assist in the delivery of the Home Safe Georgia Program throughout the state.
As leaders in your community, please help DCA promote the Home Safe Georgia Program to your customers, employees, constituents, and other contacts. Please visit their website at homesafegeorgia.com or review the program information. Contact Cynthia Harrison at 404-502-6176 for details about how to partner with DCA to deliver this important message to your community. MORE
Federal Housing Finance Agency Rejects Principal Forgiveness Proprosal for Fannie/Freddie
Acting FHFA Director Edward DeMarco announced on July 31 that he would NOT direct Fannie and Freddie to allow principal reduction. PBP partner the National Housing Conference sounds off on the decision in their latest Open House blog - www.nhcopenhouse.org/.
Atlanta New Home Construction Up 38% in 2Q 2012
MetroStudy reports that with sustained job growth, the Atlanta housing market will see a rise in demand by the end of 2012. Total nonfarm jobs increased by 32,200 positions while private jobs increased by 33,200 positions for the year over year period ending in June, 2012. "Job growth helps to increase consumer confidence which in turn helps to sell more houses. The Atlanta MSA has experienced positive annual job growth for the past 24 consecutive months" said Eugene James, director of Metrostudy's Atlanta Region. In 2Q12 there were 2,051 Single Family Housing Starts in the Atlanta Market for the quarter, up 38% from 2Q11 when Quarterly Starts were 1,489. For information contact: Eugene James at 404.370.9001 x 111; email [email protected].
Post T-SPLOST: Where Does the Region Go from Here?
Saporta Report editor Maria Saporta and Managing Editor David Pendered host a 15-minute video roundtable chat featuring a discussion with ARC Executive Director Doug Hooker and MARTA's CEO and General Manager Dr. Beverly Scott about what options face the metro Atlanta region now that the T-SPLOST vote failed on July 31, 2012. This discussion was taped two days after the historic vote that failed to fund more than $7 billion in transportation projects in the 10-county metro region. WATCH
News for Housing Counselors
Check out the August 1, 2012 edition of "The Bridge" Newsletter, a publication to connect housing counseling information seekers with information providers throughout HUD's Office of Housing, and the Housing Counseling industry. MORE
Are You Tired of Answering the Same Question about the Housing Crisis?
How many times have you been asked some variation of the following question----Didn't the housing crisis prove low-income people can't be successful homeowners? Shelterforce Weekly offers a cogent reply at the ready. MORE
Chicago Looks at Eminent Domain Program for Underwater Loans
(Courtesy of NHC) Chicago is considering an eminent domain program to seize underwater mortgages. This comes after San Bernardino County proposed a similar controversial plan last week to take and restructure underwater private-label mortgages. Mortgage Resolution Partners, a California-based venture capital firm, is pitching the plan to several cities across the nation. Many in the banking and securities sector are concerned that this would result in losses to investors in the existing mortgages. The Securities Industry and Financial Markets Association has publicly opposed San Bernardino County's measure. Should an eminent domain measure pass in a particular jurisdiction, it is possible that mortgages originated there will become ineligible for securitization and thus more expensive. For more discussion, see the Wall Street Journal and HousingWire.
DeKalb County Foreclosure Prevention and Intervention Workshop
Saturday, August 18, 2012; 8:00 a.m. - 4:00 p.m.
Location: Greater Travelers Rest Baptist Church
H. F. Shepherd Multiplex
4650 Flat Shoals Parkway
Decatur, Georgia 30034
Don't miss this opportunity to meet one-on-one with your mortgage company or a HUD-approved housing counselor to find options to avoid foreclosure.
GET ON THE BUS: Homebuyer Education Workshop & Tour
August 18, 2012 - 8:30 a.m. - 5:30 p.m.
Atlanta City Hall Atrium
55 Trinity Ave SW
Atlanta, GA 30303
Invest Atlanta invites prospective home buyers to a special event. The show is going on the road! Tour available purchase opportunities in the City of Atlanta. Learn how you could be eligible to receive up to $40,000 in down payment assistance to purchase a home! You'll not only have a chance to see the amazing properties for sale, but also receive your required
HUD approved Home Buyer Education & Certificate. RSVP's are required. Contact Sarah Head at 404-614-8317 or email her at [email protected]. SPACE IS LIMITED, RSVP TODAY!
NeighborhoodLift Information Session
Thursday, August 23, 2012, 6:30 p.m. - 8:00 p.m.
Location: Resources for Residents and Communities
100 Flat Shoals Ave, SE
Atlanta, GA 30316
This informational session will provide an overview of the Neighborhood Lift program, highlight the benefits to home buyers and discuss lender requirements for any lender who wants to access the program. To register, contact 404-525-4130.
Piece by Piece Coordinator