Foreclosures in Wisconsin: Responses and Resources for Living beyond the Bubble
On Thursday, November 5, 2009, the Federal Reserve Bank of Chicago, the City of Milwaukee, Marquette University Law School, the University of Wisconsin Cooperative Extension, the U.S. Department of Housing and Urban Development (HUD) and the Wisconsin Housing and Economic Development Authority cosponsored a conference entitled, Foreclosures in Wisconsin: Responses and Resources for Living beyond the Bubble. The conference is a continuation of a series of events that have been held in Wisconsin to address the issues and concerns surrounding Wisconsin's increasing number of foreclosures.
This daylong conference featured: opening remarks by Milwaukee Mayor Tom Barrett; luncheon keynote address by U.S. HUD Deputy Secretary Ron Sims; and panel discussions focusing on the lessons learned from the first round of Neighborhood Stabilization Funds, court-referred foreclosure mediation, the social impact of foreclosure and the future of housing finance.
Conference participants comprised of community development professionals, bankers, attorneys, economists, realtors, secondary market specialists, policymakers, researchers and representatives of government agencies and foundations. Licensed attorneys, please note that we are applying for Continuing Legal Education credits for portions of the conference agenda, and you will be notified about the availability of CLE credit, if applicable.
The Making Home Affordable (MHA) Program is a comprehensive plan to stabilize the U.S. housing market. On March 4, the Administration published detailed program guidelines and authorized servicers to begin modifications and refinancings under the plan immediately. Servicers covering more than 75 percent of loans in the country have now begun modifications and refinancings under the Administration's MHA Program. Steve Schaffer will provide a brief summary and update on MHA's progress to date.
Mediation alternatives in foreclosure proceedings have become an increasingly popular method for achieving a balanced outcome for both lenders and borrowers. This panel will explore the application of mediation in Wisconsin's court-based foreclosure process, including legal authority, assessment of need, elements of a successful program and desired outcomes. The Milwaukee Foreclosure Mediation Program will be discussed in greater detail and panelists will explore this model's applicability in other Wisconsin jurisdictions.
Behind each foreclosure is a family, or multiple families, whose lives will change. This panel focuses on what we know about the way that foreclosures impact families, neighborhoods, communities, crime, health, homelessness and more. An in-depth view of the recent Protecting Tenants at Foreclosure Act of 2009 will be presented and panel members will provide suggestions on the need for additional research and how to address the crisis at the local level.
This panel of national experts will discuss the current mortgage foreclosure crisis and its impact on the future of housing policy from the perspective of what will our "new normal" look like. As a panel, they will present for consideration alternatives to current practices and will contemplate potential future policies aimed at preventing subsequent foreclosures.
Licensed attorneys please note:
We are applying with the Supreme Court of Wisconsin, Board of Bar Examiners, for Continuing Legal Education credits for approval for the use toward the CLE requirement for portions of today's agenda. According to the Board, an approval decision is usually made within two weeks once our request has been submitted (however, during the CLE peak season of November through January, the approval process may take longer). In order to be notified about the availability of CLE credit, you must sign up at the registration desk. Upon notification from the Board, we will let you know their decision immediately via e-mail. Thank you.
Last Updated: November 5, 2009