Profitwise News and Views

May 2004 Issue
Special Edition

• Neighborhood Housing Services of Chicago Home Ownership Preservation Initiative


• Remarks by Michael H. Moskow, President and CEO, Federal Reserve Bank of Chicago


• Remarks by Richard M. Daley, Mayor, City of Chicago


• Alicia Williams, Vice President, Consumer and Community Affairs, Federal Reserve Bank of Chicago


• John G. Markowski, Commissioner, City of Chicago, Department of Housing


• Bruce Gottschall, Executive Director, Neighborhood Housing Services of Chicago


• Bruce Paradis, President and Chief Executive Officer, GMAC-RFC


• Steve Paton, Vice President, Chase Manhattan Mortgage Corporation


• Richard Monocchio, First Deputy Commissioner, City of Chicago, Department of Housing


• Conclusion


• Neighborhood Housing Services Programs


• May 2004 Issue, Special Edition (PDF,137KB)

Steve Paton
Vice President, Chase Manhattan Mortgage Corporation

Mr. Paton is the manager of REO and post-foreclosure properties for Chase, a portfolio of about 3,500 properties. Chase became a HOPI partner several months prior to the meeting. Mr. Paton pointed out that there are no similar programs in other parts of the country. He stated that the city benefits from the relationship, since many vacant properties ultimately end up demolished-sometimes at city expense-resulting in loss of tax revenue and decay of once vibrant communities.

For "high-risk" post-foreclosure properties, Chase has created field service officers. The field service officers work closely with neighborhood organizations, such as NHS and the city, to preserve the value and integrity of housing assets within communities. Chase recently donated their first foreclosed property to NHS. "As properties sit in foreclosure they are costly to maintain, we are glad to see someone rehab the properties to benefit the community," stated Mr. Paton, adding: "We look forward to the continued partnership with NHS and the City of Chicago."