Regional Groups Launch New Foreclosure Network

Article from the Washington Business Journal:

The Metropolitan Washington Council of Governments and the Nonprofit Roundtable of Greater Washington launched on Wednesday the Capital Area Foreclosure Network, a group funded by Fannie Mae and Freddie Mac that will work to prevent foreclosures in the Washington area.

The group, comprised of local governments and nonprofits, as well as larger organizations such as NeighborWorks America, plans to conduct marketing and outreach campaigns and support existing nonprofits and coalitions that work with residents at risk of foreclosure.

CAFN released preliminary data from the Urban Institute that found a 2.9 percent foreclosure rate in the region, where foreclosure rates range from 1 percent in Arlington to 6 percent in Prince George’s County.

The institute found that 9.5 percent of all area mortgages were 30 days delinquent or more.

The Urban Institute plans to conduct further research of legal services, housing counseling and social services in the area to help the CAFN better connect at-risk residents to services.

The group will co-host an event May 6 with the Federal Reserve Bank of Richmond and Fannie Mae about new federal protections for renters whose landlords have gone into foreclosure.

It also plans to host an event with Freddie Mac about working with loan servicers.