The OCC is working with national banks to identify strategies which can help
mitigate the negative effects of rising foreclosures on communities across the
country. We are focused on helping to link national banks with communities that
are working to develop strategies to stabilize neighborhoods and alleviate the
negative impacts of increased foreclosures.
Vonda Eanes is OCC’s Community Affairs
Officer assigned to assist with neighborhood stabilization initiatives. She is
available to facilitate dialogue and attend meetings with national bankers and
community representatives to share best practices, and to discuss foreclosure
related neighborhood stabilization initiatives and regulatory information. She
may be reached at Vonda.Eanes@occ.treas.gov.
CRA Strategies for Neighborhood Stabilization Teleseminar
On June 25, 2009 the OCC and the Federal Reserve Bank of Atlanta conducted a
teleseminar on CRA Strategies for Neighborhood Stabilization.
Foreclosed Property Resources
Neighborhood
Stabilization: Local partnerships Are Rebuilding Communities (Fall 2009) features
an overview of strategies that banks, nonprofit businesses and local government
agencies have developed in response to the growing number of residential
foreclosures. It includes the specific activities of selected national banks
and their partners, and offers opportunities for others interested in
supporting community stabilization. It also highlights a federal funding
program and related national nonprofit infrastructure developed to facilitate
the transition of real estate owned (REO) from financial institutions to the
aspiring homeowners and nonprofits who can return them to the productive
housing stock.
Making
it Work Webinar Series
This four-part webinar series was presented by Foreclosure-Response.org in
September and October 2009, to provide practical information on key areas that
have proven to be challenging for those attempting to implement neighborhood
stabilization plans. Resources from these sessions, below, will be useful to
NSP grantees and partners as well as others who are working on this issue.
Property Disposition:
Exploring Different Approaches for Preserving Affordable Housing Opportunities
This edition of Community Developments Insights highlights partnerships for
banks working to dispose of foreclosed properties in creative ways that
preserve affordable housing opportunities and stabilize communities. This
report reviews initiatives and strategies for building partnerships among banks
or mortgage servicers and nonprofit organizations, for-profit affordable
housing developers, government entities, and others that are implementing plans
to create affordable rental or homeownership opportunities and revitalize areas
affected by foreclosed properties.
NSP - Acquisition and Relocation Resources
This web page provides helpful information and resources related to property
acquisition and relocation in connection with the Neighborhood Stabilization
Program (NSP).
Neighborhood Stabilization Program -
Property Disposition: Affordable Housing Opportunities Under NSP
Community Developments Fact Sheet
Financial
Institutions Foreclosed Property Contacts
Access major national mortgage loan servicers via web links and other contact
information.
Property
Search Through Mortgage Electronic Registration System (MERS®)
MERS® was created by the mortgage banking industry to streamline the
mortgage process by using electronic commerce to eliminate paper. Information
about properties securing loans included on the MERS® system can be
obtained on the
MERS® website. Instructions on how to identify servicers utilizing
the MERS® system, and to identify servicers for a specific property can be
accessed here
.
CRA Aspects of Foreclosed Property
Donation/Discounted Sales Initiatives
This OCC article discusses how foreclosure prevention initiatives and donating
foreclosed property may receive positive consideration under the Community
Reinvestment Act (CRA).
Community Stabilization Conference
The Stabilizing Communities, Addressing the Negative Impacts of Foreclosure
conference co-sponsored by the OCC and the Federal Reserve Bank of San
Francisco, and the FDIC was held in Los Angeles on July 15 and 16, 2008. The
symposium highlighted efforts across the country to minimize the negative
impacts of foreclosure on borrowers and neighborhoods. The goal was to
provide presenters and participants an opportunity to engage in a discussion of
innovations and challenges, and to examine models for redeveloping REO
properties into affordable housing opportunities.
Federal Reserve Bank of San Francisco Foreclosure Resource
Center
Resources include a Community Foreclosure Mitigation Toolbox, access to the
2007 Home Mortgage Disclosure Act (HMDA) data, and links to community resources
for areas under the supervision of the San Francisco Federal Reserve Bank.
HUD Neighborhood Stabilization
Program Grants
The Neighborhood Stabilization Program (NSP) was established for the purpose of
stabilizing communities that have suffered from foreclosures and abandonment. NSP1, a term that references the NSP funds authorized
under Division B, Title III of the Housing and Economic Recovery Act
(HERA) of 2008, provides grants to all states and selected local
governments on a formula basis. NSP2, a term that references the NSP funds authorized
under the American Recovery and Reinvestment Act (the Recovery Act) of 2009,
provides grants to states, local governments, nonprofits and a consortium of
nonprofit entities on a competitive basis. The Recovery Act also authorized HUD
to establish NSP-TA, a $50 million allocation made available to
national and local technical assistance providers to support NSP grantees.
Mortgage Bankers Association -
Property Preservation Bank Contacts and Resource Center
Mortgage Bankers Association provides local officials involved with property
preservation a source for contact information to help local mortgage servicer
property preservation departments and staff.
NeighborWorks
America
The NeighborWorks America website provides resources and information to help
communities and nonprofit organizations work to stabilize and revitalize
neighborhoods that have been affected by home foreclosures.
ICF International
ICF International partners with government and commercial clients to deliver
consulting services and technology solutions in the energy, climate change,
environment, transportation, social programs, health, defense, and emergency
management markets. ICF has established a web page that provides information on
neighborhood stabilization programs and the Neighborhood Stabilization Program
(NSP) created by the Housing and Economic Recovery Act of 2008 (HERA).
PolicyMap
PolicyMap is a geographic information system which allows the user to easily
create custom maps, tables, and charts using Department of Housing and Urban
Development (HUD) NSP data.
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Foreclosure Prevention
FinancialStability.gov
Use this link to access up-to-date information on national financial stability
programs and plans, including news releases and related congressional
testimony.
National Governor's Association
(NGA) Center for Best Practices
Use this link to access publications on state-by-state actions, programs,
policies, and activities to address foreclosure issues including, outreach,
mitigation, process and loan modification, and help for renters.
Foreclosure-Response.org
This new website offers resources intended to help states and localities
respond to the foreclosure crisis. This site is maintained by the Center for
Housing Policy, KnowledgePlex, Local Initiatives Support Corporation (LISC),
and the Urban Institute.
Federal Reserve Bank of Richmond
Spring/Summer 2008 MarketWise
"Riding the Foreclosure Wave: Resources & Analysis to Help Anchor
Communities" provides information and data analysis related to foreclosure
conditions in the Federal Reserve Bank's Fifth District.
Foreclosure
Prevention: Improving Contact with Borrowers
This OCC Insights report highlights best practices loan servicers are
using to improve their contact rate with delinquent mortgage borrowers. These
best practices include, but are not limited to, the use of sophisticated
scoring models, customer friendly approaches, partnerships with nonprofit
credit counselors, and web-based information on workout options.
Homeownership: Preserving the American Dream
This OCC Community Developments Newsletter focuses on a number of ways
banks can help to reduce foreclosure through partnering with nonprofits and
successfully implementing early intervention strategies with troubled
borrowers.
Hope for Homeowners to provide additional mortgage assistance
to struggling homeowners
Hope for Homeowners will provide another resource to the Federal Housing
Administration's (FHA) existing efforts to aid struggling homeowners. Under the
program, borrowers having difficulty paying their mortgages will be eligible to
refinance into FHA-insured mortgages they can afford.
OCC Bulletin 2007-14 Working with Mortgage
Borrowers, Interagency Statement
OCC Bulletin 2007-38 Working with
Borrowers, Statement on Residential Real Estate Loan Restructuring for Serviced
Loans
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Loan Modification & Refinance Programs
Home
Affordable Modification Program Website
This site provides mortgage servicers the information & tools needed to
participate in the Treasury Department's Home Affordable Modification Program
(HAMP).
The President's Making Home Affordable plan was created to help homeowners
refinance or modify their mortgages. Use these links to access information on
the plan:
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Consumer Resources
Fannie Mae Loan Lookup
Fannie Mae established the Loan Lookup to enable mortgage borrowers to use
their street address, unit, city, state and zip to quickly determine if Fannie
Mae owns their loan.
OCC Consumer Tips for Avoiding Mortgage Modification Scams and Foreclosure Rescue Scams
Home
Ownership Preservation Foundation
Through the 888-995-HOPE hotline, the Homeownership Preservation Foundation has
a single mission: to help homeowners avoid foreclosure. They are an independent
nonprofit that provides HUD-approved counselors dedicated to helping
homeowners.
HOPE
NOW Alliance
HOPE NOW is an alliance between counselors, servicers, investors, and other
mortgage market participants. This alliance's objectives are to maximize
outreach efforts to homeowners in distress to help them stay in their homes and
to create a unified, coordinated plan to reach and help as many homeowners as
possible.
Federal Reserve System Resources for Consumers
Information and links to agencies and organizations available to assist
consumers having difficulty paying their mortgage or facing foreclosure.
Federal Deposit Insurance Corporation (FDIC) Foreclosure
Prevention - Consumer Resources
Guidance on avoiding foreclosure, and links and toll-free phone numbers for
credit counseling agencies.
Homeowner
Crisis Resource Center
The National Foundation for Credit Counseling website provides a counseling
hotline and useful homeowner information and tools.
http://www.housinghelpnow.org/
MyMoney.gov
MyMoney.gov is the U.S. government's website dedicated to teaching all
Americans the basics about financial education.
HelpWithMyBank.gov
OCC's Helpwithmybank.gov helps you find answers to your National Banking
questions, including those related to mortgage forbearance.
Internal Revenue Service
Questions & answers on home foreclosure and debt collection.
Consumer
Credit Counseling Services (CCCS)
CCCS provides consumers with the tools necessary to improve their financial
wellness.
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Policy, Legal and Regulatory Resources
OCC Bulletin 2009-6 Community Reinvestment Act: 2009 Interagency Questions and Answers
National Housing Law Project Webinar September 22, 2009
On September 22, the OCC participated in a webinar sponsored by the National Housing Law Project the presentations for this webinar are posted below. The OCC presentation includes citations to relevant statutory and regulatory materials. The materials described the legislative history of the effort to protect the rights of tenants affected by foreclosures as well as the provisions of the Protecting Tenants at Foreclosure Act and the implications of state laws that also protect the rights of tenants. Fannie Mae and Freddie Mac also participated, providing details on their tenant protection initiatives.
HousingPolicy.org
HousingPolicy.org is an online guide to state and local housing policy
developed and maintained by the Center for Housing Policy, the research
affiliate of the National Housing Conference.
Financial Stability Plan
U.S. Department of Treasury website provides information on federal government
initiatives and major legislation including the Emergency Economic
Stabilization Act of 2008 (EESA), the American Recovery and Reinvestment Act of
2009 (Recovery Act), and the Making Home Affordable Program.
Protecting Tenants at Foreclosure
The Protecting Tenants at Foreclosure Act (PTFA) provides protections to
tenants from eviction as a result of foreclosure on the properties they are
renting. National banks are advised to adopt policies and procedures to ensure
compliance with these new tenant protection provisions.
OCC Bulletin 2009 - 28 Helping Families Save
Their Homes Act of 2009
Helping Families Save Their Homes Act of 2009: Title
VII--Protecting Tenants at Foreclosure, Public Law 111-22
National
Conference of State Legislatures
Use the following links to access recently enacted legislation:
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Speeches and Testimony
Testimony of John C. Dugan Comptroller of the Currency before the Subcommittee on Financial Institutions Senate Committee on Banking, Housing, and Urban Affairs, United States Senate, October 14, 2009
Remarks of John C. Dugan,
Comptroller of the Currency, Before the 2008 Enterprise Community Conference,
November 19, 2008.
Remarks of Barry Wides,
OCC's Deputy Comptroller for Community Affairs, at October 2008 HUD Summit on
Housing: Partnering for Responsible Policy
OCC Deputy Comptroller for Community Affairs Barry Wides speaks to the rising
number of mortgage defaults and foreclosures, and opportunities for banks to
partner with state and local organizations to mitigate their negative effects
on communities.
Remarks of Barry Wides,
Deputy Comptroller for Community Affairs, at the Stabilizing Communities
Symposium, July 15, 2008
Testimony of John C. Dugan,
Comptroller of the Currency, before the Committee on Financial Services, of the
U.S. House of Representatives, April 9, 2008
Remarks by John C. Dugan,
Comptroller of the Currency, Before the NeighborWorks America Symposium on
Promoting Foreclosure Solutions Washington, D.C., June 25, 2007
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