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Milwaukee’s Efforts to Respond to the Foreclosure Crisis

Milwaukee’s Efforts to Respond to the Foreclosure Crisis. Foreclosures in Milwaukee. Almost 16,000 foreclosure filings in Milwaukee (2008-2010); more than double historical averages

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Milwaukee’s Efforts to Respond to the Foreclosure Crisis

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  1. Milwaukee’s Efforts to Respond to the Foreclosure Crisis

  2. Foreclosures in Milwaukee • Almost 16,000 foreclosure filings in Milwaukee (2008-2010); more than double historical averages • Over 1,600 Milwaukee homes are currently bank owned foreclosures (REOs). In addition, there are over 500 City owned tax foreclosed properties. • Over 6,000 properties are currently subject to an open foreclosure filing. • Two thirds of foreclosed properties have open building code violations

  3. Milwaukee’sEfforts Milwaukee Foreclosure Partnership Initiative (MFPI) “Create a formal partnership that will formulate and implement coordinated policies and programs that effectively address the impact of the recent surge in mortgage foreclosures on our community as well as identify long term strategies and best practices that will prevent similar issues in the future.” MFPI Steering Committee Co-chairs Steve Chernof Godfrey & Kahn Kathryn Dunn Helen Bader Foundation Mayor Tom Barrett City of Milwaukee

  4. 22 Member Steering Committee Three Workgroups Prevention Intervention Stabilization Over 100 volunteers representing a diverse array of organizations participated in this effort Milwaukee Foreclosure Partnership Initiative (MFPI) Collaborative Structure:

  5. Workgroup Charges Increasing foreclosure prevention through pre-purchase education and consumer protection Developing intervention strategies and identifying resources to aid homeowners in the foreclosure process Crafting and implementing appropriate responses to drive the stabilization of neighborhoods impacted by abandoned and foreclosed homes Milwaukee Foreclosure Partnership Initiative

  6. Mayor’s Leadership – Key to Success • Approached key stakeholders and leaders prior to launch of MFPI to ask for their support (lenders, philanthropic, community organizations) • Communicated the impacts of foreclosures on the community - “more than a housing issue” (resulted in a broad based coalition) • Chaired meetings and exhibited an in depth knowledge of the issue • Existence of a plan/framework for coordinated action provided legitimacy and credibility to efforts – and helped in approaching funders and supporters

  7. Major Accomplishments • Creation of a Court Based Mediation Program • Increased Resources for Intervention Counseling • Creation of Milwaukee Homeownership Consortium • Local Legislation to insure maintenance of foreclosed properties, including properties in the foreclosure process • Widespread foreclosure intervention outreach • Coordinated Neighborhood Stabilization Program Efforts

  8. Convene a permanent homeownership consortium for the purpose of increasing the number of purchasers/homeowners who receive a high standard of homeownership related education and services. The Consortium would develop a standard or brand that conveys integrity and respect, and would add legitimacy to those professionals that are members of the Consortium. It would also provide one place for partners to go to when sharing information and presenting new products/ideas, challenges and opportunities in homeownership. Consortium launched in May of 2009 Membership includes lenders, counseling agencies, realtors, government, philanthropic agencies and others involved in homeownership delivery system Example - Prevention

  9. Launch a Court-Based Mediation Program – to bring homeowners and lenders together to achieve a workout that would allow the homeowner to retain their home Launched in July of 2009 – under a local administrative rule from the Court Marquette University Law School Administrator of the Program Funding from the City of Milwaukee, State Attorney General’s Office and the Helen Bader Foundation 300+ homeowners have saved their homes from foreclosure Example - Intervention

  10. Example - Stabilization Couple NSP with other local efforts to address impact of foreclose properties on City Neighborhoods Milwaukee’ s Neighborhood Stabilization Program (NSP) ($39.8 million NSP 1, 2 and 3 funds)

  11. Abandoned Properties in Foreclosure Ordinance Vacant Building Registration Code New local legislation to help address impact of foreclosures

  12. Website www.milwaukeehousinghelp.org

  13. Additional Resources Foreclosure Mapping (Public)

  14. MFPI Report – Milwaukee Foreclosure Website www.milwaukeehousinghelp.org Milwaukee Foreclosure Mediation Program www.law.marquette.edu/foreclosure Milwaukee Homeownership Consortium www.takeroot.org Links

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