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The Home ownership preservation initiative: a critical foreclosure intervention initiative seeks expanded role for mainstream mortgage servicers and adoption of new tools

Author

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  • Michael Berry

Abstract

In the current climate, the mission of HOPI takes on a much higher level of urgency. The graph in Exhibit 1 depicts the sharp increase in foreclosure starts1 city-wide in the past two years in particular. Foreclosure starts in Chicago rose approximately 40 percent from 2006 to 2007; and lower-income, underinvested communities, which describes all NHS target areas of Chicago, are impacted most severely, as they have higher concentrations of highcost mortgages, homes tend to remain vacant longer, and lower-income households have a more difficult time recovering from the effects of a foreclosure.

Suggested Citation

  • Michael Berry, 2008. "The Home ownership preservation initiative: a critical foreclosure intervention initiative seeks expanded role for mainstream mortgage servicers and adoption of new tools," Profitwise, Federal Reserve Bank of Chicago, issue Mar, pages 1-4.
    • Handle: RePEc:fip:fedhpw:y:2008:i:mar:p:1-4
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    File URL: http://www.chicagofed.org/digital_assets/publications/profitwise_news_and_views/2008/pnv_remar08_web_subprime_nontraditional_mortgage_market.pdf
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