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The OCC is working with national banks to identify strategies which can help mitigate the negative effects of rising foreclosures on communities across the country. We are focused on helping to link national banks with communities that are working to develop strategies to stabilize neighborhoods and alleviate the negative impacts of increased foreclosures.
Vonda Eanes, is OCC’s Community Affairs Officer, is assigned to assist with neighborhood stabilization initiatives. She is available to facilitate dialogue and attend meetings with national bankers and community representatives to share best practices, and to discuss foreclosure related neighborhood stabilization initiatives and regulatory information. She may be reached at Vonda.Eanes@occ.treas.gov.
Foreclosed Property Resources
Foreclosure Prevention
Consumer Resources
Speeches and Testimony
Foreclosed Property Resources
Financial Institutions Foreclosed Property Contacts
Access major national mortgage loan servicers via web links and other contact information.
Property Search Through Mortgage Electronic Registration System (MERS®)
MERS® was created by the mortgage banking industry to streamline the mortgage process by using electronic commerce to eliminate paper. Information about properties securing loans included on the MERS® system can be obtained on the MERS® website. Instructions on how to identify servicers utilizing the MERS® system, and to identify servicers for a specific property can be accessed here.
CRA Aspects of Foreclosed Property Donation/Discounted Sales Initiatives
This OCC article discusses how foreclosure prevention initiatives and donating foreclosed property may receive positive consideration under the Community Reinvestment Act (CRA).
Community Stabilization Conference
The Stabilizing Communities, Addressing the Negative Impacts of Foreclosure conference co-sponsored by the OCC and the Federal Reserve Bank of San Francisco, and the FDIC was held in Los Angeles on July 15 and 16, 2008. The symposium highlighted efforts across the country to minimize the negative impacts of foreclosure on borrowers and neighborhoods. The goal was to provide presenters and participants an opportunity to engage in a discussion of innovations and challenges, and to examine models for redeveloping REO properties into affordable housing opportunities.
Federal Reserve Bank of San Francisco Foreclosure Resource Center
Resources include a Community Foreclosure Mitigation Toolbox, access to the 2007 Home Mortgage Disclosure Act (HMDA) data, and links to community resources for areas under the supervision of the San Francisco Federal Reserve Bank.
HUD Neighborhood Stabilization Program Grants
HUD's new Neighborhood Stabilization Program will provide emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities.
Mortgage Bankers Association - Property Preservation Bank Contacts and Resource Center
Property Preservation List
Property Preservation Resource Center
Neighborworks America
The Neighborhood Community Stabilization website provides resources and information to help communities and nonprofit organizations work to stabilize and revitalize neighborhoods that have been affected by home foreclosures.
ICF International
ICF International partners with government and commercial clients to deliver consulting services and technology solutions in the energy, climate change, environment, transportation, social programs, health, defense, and emergency management markets. ICF has established a web page that provides information on neighborhood stabilization programs and the Neighborhood Stabilization Program (NSP) created by the Housing and Economic Recovery Act of 2008 (HERA).
Knowledgeplex.org
The National Vacant Properties Campaign and KnowledgePlex sponsored an online discussion on the Neighborhood Stabilization Program (NSP). This link provides access to speaker presentations.
PolicyMap
PolicyMap is a geographic information system which allows the user to easily create custom maps, tables, and charts using Department of Housing and Urban Development (HUD) NSP data.
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Foreclosure Prevention
Federal Reserve Bank of Richmond Spring/Summer 2008 MarketWise
"Riding the Foreclosure Wave: Resources & Analysis to Help Anchor Communities" provides information and data analysis related to foreclosure conditions in the Federal Reserve Bank's Fifth District.
Foreclosure Prevention: Improving Contact with Borrowers
This OCC Insights report highlights best practices loan servicers are using to improve their contact rate with delinquent mortgage borrowers. These best practices include, but are not limited to, the use of sophisticated scoring models, customer friendly approaches, partnerships with nonprofit credit counselors, and web-based information on workout options.
Homeownership: Preserving the American Dream
This OCC Community Developments Newsletter focuses on a number of ways banks can help to reduce foreclosure through partnering with nonprofits and successfully implementing early intervention strategies with troubled borrowers.
Hope for Homeowners to provide additional mortgage assistance to struggling homeowners
Hope for Homeowners will provide another resource to the Federal Housing Administration's (FHA) existing efforts to aid struggling homeowners. Under the program, borrowers having difficulty paying their mortgages will be eligible to refinance into FHA-insured mortgages they can afford.
OCC Bulletin 2007-14 Working with Mortgage Borrowers, Interagency Statement
OCC Bulletin 2007-38 Working with Borrowers, Statement on Residential Real Estate Loan Restructuring for Serviced Loans
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Consumer Resources
Consumer Tips for Avoiding Foreclosure Rescue Scams
Home Ownership Preservation Foundation
Through the 888-995-HOPE hotline, the Homeownership Preservation Foundation has a single mission: to help homeowners avoid foreclosure. They are an independent nonprofit that provides HUD-approved counselors dedicated to helping homeowners.
HOPE NOW Alliance
HOPE NOW is an alliance between counselors, servicers, investors, and other mortgage market participants. This alliance's objectives are to maximize outreach efforts to homeowners in distress to help them stay in their homes and to create a unified, coordinated plan to reach and help as many homeowners as possible.
Federal Reserve System Resources for Consumers
Information and links to agencies and organizations available to assist consumers having difficulty paying their mortgage or facing foreclosure.
Federal Deposit Insurance Corporation (FDIC) Foreclosure Prevention - Consumer Resources
Guidance on avoiding foreclosure, and links and toll-free phone numbers for credit counseling agencies.
Homeowner Crisis Resource Center
The National Foundation for Credit Counseling website provides a counseling hotline and useful homeowner information and tools. http://www.housinghelpnow.org/
MyMoney.gov
MyMoney.gov is the U.S. government's website dedicated to teaching all Americans the basics about financial education.
HelpWithMyBank.gov
OCC's Helpwithmybank.gov helps you find answers to your National Banking questions, including those related to mortgage forbearance.
Internal Revenue Service
Questions & answers on home foreclosure and debt collection.
Consumer Credit Counseling Services (CCCS)
CCCS provides consumers with the tools necessary to improve their financial wellness.
Policy, Legal and Regulatory Resources
HousingPolicy.org
HousingPolicy.org is an online guide to state and local housing policy developed and maintained by the Center for Housing Policy, the research affiliate of the National Housing Conference.
National Conference of State Legislatures
Use the following links to access recently enacted legislation:
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Speeches and Testimony
Remarks of John C. Dugan, Comptroller of the Currency, Before the 2008 Enterprise Community Conference, November 19, 2008.
Remarks of Barry Wides, OCC's Deputy Comptroller for Community Affairs, at October 2008 HUD Summit on Housing: Partnering for Responsible Policy
OCC Deputy Comptroller for Community Affairs Barry Wides speaks to the rising number of mortgage defaults and foreclosures, and opportunities for banks to partner with state and local organizations to mitigate their negative effects on communities.
Remarks of Barry Wides, Deputy Comptroller for Community Affairs, at the Stabilizing Communities Symposium, July 15, 2008
Testimony of John C. Dugan, Comptroller of the Currency, before the Committee on Financial Services, of the U.S. House of Representatives, April 9, 2008
Remarks by John C. Dugan, Comptroller of the Currency, Before the NeighborWorks America Symposium on Promoting Foreclosure Solutions Washington, D.C., June 25, 2007
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