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

Michael Berry

Profitwise, 2008, issue Mar, 1-4

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.

Keywords: Mortgage loans; Foreclosure; Home ownership (search for similar items in EconPapers)
Date: 2008
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