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Compact for Home Opportunity

Compact for Home Opportunity

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Published by Robert Valencia
The Opportunity Agenda presents a Compact for Home Opportunity, designed to stem foreclosures, restore affected communities, protect fair housing and lending, and ensure that home ownership and affordable housing are accessible pillars of American opportunity into the 21st century. We call upon policymakers, industry leaders, and everyday Americans to adopt these solutions to our housing and financial crisis, and to insist on the implementation and accountability necessary to make them effective.
The Opportunity Agenda presents a Compact for Home Opportunity, designed to stem foreclosures, restore affected communities, protect fair housing and lending, and ensure that home ownership and affordable housing are accessible pillars of American opportunity into the 21st century. We call upon policymakers, industry leaders, and everyday Americans to adopt these solutions to our housing and financial crisis, and to insist on the implementation and accountability necessary to make them effective.

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Published by: Robert Valencia on Feb 10, 2012
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02/10/2012

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Cct  H Otty:
What America Can Do toStop Foreclosures and Fulfll the American Dream
 
The
Opportunity
Agenda
Compact or Home Opportunity
Table o Contents
Executive Summary 1Introduction 7Solutions 9I. Preventing Foreclosures 9II. Ensuring Fair and Sustainable Mortgages 13III. Restoring Neighborhoods 15IV. Rebuilding Economic Security 17V. Fostering Fair Housing 19Conclusion 21Endnotes 21Appendix 27
February 2012
 
1
The
Opportunity
Agenda
Compact or Home Opportunity
Executive Summary
Acc t  bl h    tbl t  ccl t  cc cty ctl t th Ac D. Yt cct by bk  l, qt l ct,  c lyt t  bbg ll  Ac  th h cty whl gg whl ct  hlg bck  tl cy.Cl lt xt tht t cl  t ct ty whl g thAc D t th t. W cll  lcyk, th bkg  lg ty, yy Ac t t   th llwg lt t  hg c.
Banks and Mortgage Servicers should:
 Prioritize Loan Modifcation
.
Bk  c hl k g th t t tcl. Th cl tyg  ctctg t-k bw    bl,  wll yg l t th xtt th lgl blgt llw. Thy hl yttclly cct NtPt Vl (NPV) ly, whch t whth t t    l ct  cl. Bk c l t th cl c    bw  lt byg  lty t whl thy btt lt whth cl  cy wk tw l ct. Bk  c hl  tht thy h ct t c t t yg l  t. F  b  j c, y  tht  q  th t  th ttlt gt wth th l gt tt tty gl. All c hl tk gl, yttc  t lt th ,  wh t q by th ttlt.
 Responsibly Maintain Properties in Foreclosure.
 
Pt  cl t ll t ,gg ghbh ty l  blc ty. Th bk tht w th tt clg  th t t th bly. Bk hl k th t  g, ct,  hl c llg th t t   c t cty gzt -t.
 Engage in Mediation with Borrowers.
Wh bw c cl, ty t wthl c   ccl wy t c th l  bth t. I th c,  tlt, ch   cl  lwy, hl th tw t gtt  g   tc.Sc hl ltly bt t t.
 Improve Credit Scoring Criteria.
Ct cg ct tht  t cctly fct k h bgg t l, ct,  th kt. A thy h lt  wt ll t l  cl  tclly hgh b. Bk  c hl t th wctc  cty ct   th  cy.
 Improve the Servicer Compensation Structure.
Th l cg ty w ly tctt  th hgh t  cl tht llw th hg kt cll. My cgctct l t clly  th blgt  c t z l  ltg l, ft  ct tct  t ctz c t t th t cy t tcl. Ct l hl b tct  tht c  ct  tt cg ct.

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