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Department of the Treasury
Visit this page for information and announcements made by the Department of the Treasury regarding the foreclosure and mortgage crisis.
Fannie Mae
Information regarding announcements, policy changes and new programs from Fannie Mae.
Freddie Mac
Information regarding announcements, policy changes and new programs from Freddie Mac.
State Foreclosure Prevention Working Group
In the summer of 2007, 37 states Attorneys General and the Conference of State Bank Supervisors (CSBS) formed the State Foreclosure Prevention Working Group to work with servicers of subprime mortgage loans to identify ways to work together to prevent unnecessary foreclosures.
The focus of the State Working Group is to work with those foreclosures where the homeowner has the desire and reasonable ability to make payments on a mortgage loan and the investors that own the mortgage have a financial incentive to modify the loan. The State Working Group has collaborated with industry and federal regulators to develop a uniform data reporting format to collect data to measure the foreclosure problem and the servicers' efforts to respond to it.
Massachusetts is a member of the Executive Committee which has met with the top twenty subprime loan servicers and collected data on loan modification efforts. The Working Group's first report was released on February 7, 2008 and includes data on loss mitigation efforts by 13 major residential mortgage servicers. The Group's second report was released in April 2008 and the third report was released in September 2008. These reports can be found on the Conference of State Bank Supervisor's website at www.csbs.org.
National Community Stabilization Trust
Enterprise Community Partners, the Housing Partnership Network, the Local Initiatives Support Corporation (LISC), National Council of La Raza, National Urban League and NeighborWorks America have established a National Community Stabilization Trust. The Trust facilitates the transfer of foreclosed and abandoned properties from financial institutions nationwide to local housing organizations to promote productive property reuse and neighborhood stability. In collaboration with state and local governments, the Stabilization Trust builds local capacity to effectively acquire, manage, rehab and sell foreclosed property to ensure homeownership and rental housing are available to low- and moderate-income families.
CHAPA has partnered with the Trust on the Massachusetts Foreclosed Properties Initiative. For more information on the National Community Stabilization Trust, please visit their website at www.stabilizationtrust.com.
U.S. Conference of Mayors Vacant and Abandoned Properties Task Force
Convened by the U.S. Conference of Mayors, a nonpartisan organization of cities with populations of 30,000 or more, this Task Force examines the problem of vacant and abandoned properties in cities following mortgage foreclosures and the impact of barriers to affordable housing on vacant and abandoned properties.
The Conference has put on several reports on the impacts of the foreclosure and mortgage crisis on cities including Vacant and Abandoned Properties: Survey and Best Practices (2008) and The Mortgage Crisis: Economic and Fiscal Implications for Metro Areas (2007). More information about the Conference of Mayors can be found at www.usmayors.org.
Self Help's Lease Purchase Mortgage Product
Self-Help has instituted a Foreclosure Recovery Initiative that is designed to minimize the neighborhood costs of foreclosed properties. The Foreclosure Recovery Initiative designed a new lease-purchase mortgage product through Self-Help's national secondary market program. Click here for more information.