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Virginia Foreclosure Prevention Task Force The Foreclosure Crisis: A Regional Perspective June 19, 2008 Presented by: Bill Shelton, Director Virginia Department.

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Presentation on theme: "Virginia Foreclosure Prevention Task Force The Foreclosure Crisis: A Regional Perspective June 19, 2008 Presented by: Bill Shelton, Director Virginia Department."— Presentation transcript:

1 Virginia Foreclosure Prevention Task Force The Foreclosure Crisis: A Regional Perspective June 19, 2008 Presented by: Bill Shelton, Director Virginia Department of Housing and Community Development

2 2 Created in November 2007 Governor Tim Kaine formed the Virginia Foreclosure Prevention Task Force to address the rising rates of foreclosure in the Commonwealth.

3 3 How bad is Virginia’s foreclosure problem?

4 4 The Task Force Charge Chaired by Patrick Gottschalk, Secretary of Commerce and Trade (SOCT). Task Force consists of representatives from the non-profit, advocacy, public, banking, legal, and real estate sectors. Additional valuable partners included: the Federal Reserve Bank of Richmond, George Mason School of Public Policy, the Center for Housing Research at Virginia Tech, and the Office of the Attorney General. The Governor charged the Task Force with:  Identifying ways to prevent the trauma of loss of home, related financial devastation, and family disruption.  Looking at possible negative impacts on communities as foreclosed homes depress property values and the real estate industry.

5 5 Workgroup 1 - Foreclosure Impact Objective: Monitor the economic, fiscal, and social impacts of foreclosure to identify emerging issues. Task: Assess the impact of foreclosures in Virginia, assess the impacts on families, neighborhoods and communities, and identify emerging issues.

6 6 Workgroup 2 – Education and Outreach Objective: Reduce the number of homeowners impacted by foreclosure. Task: Raise the knowledge and capacity of households in or at risk of foreclosure, enhance counseling efforts, promote best practices in loss mitigation, and increase financial literacy.

7 7 Workgroup 3 – Regulatory Reform Objective: Prevent future foreclosure problems. Identify potential efficiencies in currently fragmented regulatory environment. Tasks: Review existing laws and regulations relating to foreclosure, consumer protection, and predatory lending practices to determine any needed adjustments.

8 8 Accomplishments 239 new Foreclosure Mitigation Specialists have been trained to provide assistance statewide (as of June 13, 2008). An extensive outreach campaign has been launched covering television, cable, radio, and print media:  Including: PSAs in English and Spanish  Several PSAs feature Governor Tim Kaine Education and outreach mortgage clinics for distressed borrowers:  Saturday, June 14 – Richmond, Tidewater, and Roanoke  Saturday, June 21 – Woodbridge and Chantilly  Online pre-registration is encouraged at:

9 9 Accomplishments Compiled and analyzed state and national statistics and data to produce Virginia composite. Conducted focus group sessions to gather information from local governments and communities. Facilitated the passage of Senate Bill 797 which provides additional time for borrowers to work with lenders prior to the initiation of foreclosure proceedings. Supported the passage of foreclosure prevention related bills such as rescue scam prevention and process reform. Initiated information website: 

10 10 Next Steps Foreclosure Impact Summit:  July 23, 2008  Richmond, Virginia Greater Richmond Convention Center 403 North Third Street, Richmond Continued outreach and education to distressed borrowers to reduce impact of crisis. Continued scrutiny of fragmented regulatory environment. Ongoing information exchange to provide support to local governments and nonprofit service providers. Ongoing legislative efforts – several bills are currently in the Housing Commission for continued study. Continued monitoring of federal initiatives.


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