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Save the Dream: Ohio’s Foreclosure Prevention Effort

Save the Dream: Ohio’s Foreclosure Prevention Effort. Jennifer L. Flatter, Ohio Department of Commerce October 8, 2008. Ohio’s Foreclosure Prevention Task Force. Governor Ted Strickland

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Save the Dream: Ohio’s Foreclosure Prevention Effort

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  1. Save the Dream: Ohio’s Foreclosure Prevention Effort Jennifer L. Flatter, Ohio Department of Commerce October 8, 2008

  2. Ohio’s Foreclosure Prevention Task Force • Governor Ted Strickland • Unified and coordinated statewide response to the dramatic increase in Ohio foreclosures Director of Commerce Kimberly Zurz • 11 meetings, 20 subcommittees meetings • Report and recommendations submitted September 10, 2007 • 27 recommendations under 7 themes

  3. Compact to Help Ohioans Preserve Homeownership • Governor asked servicers to work with the State in making every possible attempt to prevent default loans and foreclosures • Signed April 7, 2008 • First agreement of its kind • Nine mortgage servicers • Six principles

  4. Borrower Outreach Days • 11 Borrower Outreach Days • HUD’s event in Cleveland • More than 2,500 homeowners attended • Foreclosure prevention • Credit counseling • Rescue scams • Mediation

  5. Save the Dream • Multi-agency, public awareness campaign • Introduced on March 13, 2008 • Radio and television advertisements • Billboards • Website (www.savethedream.ohio.gov) • Telephone hotline (888-404-4674)

  6. Save the Dream • 11,000 calls • 5,100 Ohioans received housing counseling or legal assistance • Over 24,000 unique web visitors • 1,300 attorneys volunteer attorneys statewide

  7. Opportunity Loan Refinance Program • Ohio Housing Finance Agency (OFHA) • 30-year, fixed-rate refinancing alternative • Mortgage that is no longer suitable for financial situation • Up to one 60-day late payment and two 30-day late payments in the last 12 months • First of its kind

  8. Ohio Home Rescue Program • Ohio Department of Development (ODOD) • Grant of $1 million through the Ohio Housing Trust Fund • Grants to homeowners with incomes at or below 65% of the area median income • OHFA • $3.1 million in deferred loans • Between 65% and 125% of the area median income • Neighborhood Housing Services of Greater Cleveland (NHS) through a network of 12 organizations

  9. Foreclosure Prevention Housing Counseling Program • Early 2008 • Nearly $5.1 million in housing counseling funds distributed by ODOD and OHFA • 32 state-sponsored, Save the Dream counselors • NFMC grant for $2.5 million for counseling • $1.9 million for legal assistance

  10. What Ohio has Realized • Group effort • Aggressive and comprehensive strategy • Pew’s Project Manager Kil Huh said, “Every state has the tools to act, and I think Ohio is a model in the sense that it’s trying to use whatever mechanism it has to help the state’s families and communities.”

  11. Questions • www.com.ohio.gov • www.savethedream.ohio.gov Jennifer L. Flatter Legislative Liaison Ohio Department of Commerce 77 South High Street, 23rd Floor Columbus, Ohio 43215 (614) 644-0161 Jennifer.Flatter@com.state.oh.us

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