Wisconsin Moves Forward to Address Foreclosures
On March 13, 2008, the Federal Reserve Bank of Chicago, the University of Wisconsin Extension, and Wisconsin Housing and Economic Development Authority cosponsored a conference entitled, "Wisconsin Moves Forward to Address Foreclosures."
Participants learned from experts who shareed their leading ideas and best practices/models for addressing the issues and concerns surrounding Wisconsin's increasing number of foreclosures. The day long conference featured: a regulatory update; a presentation on surging inequality and the rise in predatory lending; and three concurrent education training sessions that will delve extensively into loss mitigation, the foreclosure litigation process, and mortgage rescue fraud scams and schemes. Mr. Thomas James, Senior Assistant Attorney General of the State of Illinois, was invited to provide the keynote address. The afternoon provided an opportunity to use your own expertise to engage the problem of foreclosures, as three task forces are helping to build an effective community response. Here, participants will have the opportunity to engage in this action-oriented process that facilitated through task forces made up of attendees. The three task forces are:
Options and Outreach Task Force
Working together to provide appropriate, timely, quality information to Wisconsin consumers about their options when facing delinquency and the potential foreclosure of their home.
Stabilization & Maintenance Task Force
Solutions for creating and implementing a solid, post-purchase program for Wisconsin homeowners that will help stabilize the homeowner's financial position and assist with the long-term maintenance of their home.
Financial Options & Strategies Task Force
Exploring what additional short and long term financial options and strategies may be needed in Wisconsin to complement existing solutions to prevent foreclosure.
Conference participants comprised of: community development professionals, financial industry practitioners, bankers, attorneys, economists, housing experts, secondary market specialists, policymakers, researchers, academics, and representatives of government agencies and foundations.
This two–part training (full training includes both the AM and PM sessions) is targeted to mortgage counselors and dispels myths, provides the lenders perspective and outlines the available solutions.