|Volume 9, Issue 1, 2009||Federal Reserve Bank of Dallas|
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Addressing Mortgage Delinquencies and Foreclosures
Numerous programs, partnerships and other efforts—led by public, private and nonprofit organizations—are under way to reduce the number of delinquencies and foreclosures. Following are examples.
Public Service Announcements
In April 2009, 28 theaters in 14 cities across the U.S. broadcast a public service announcement (PSA) on how to avoid rescue scams.
The PSA, launched by the Federal Reserve Board, was run in municipalities with high foreclosure rates, such as Atlanta, Denver, Detroit, Las Vegas, Los Angeles, Miami and Phoenix. It was shown on theater screens and small screens near concession stands. The 30-second segment opens with "Having trouble with your mortgage? Are you facing foreclosure?" and ends with "It shouldn't hurt to get help" and a recommendation to visit the Federal Reserve's webpage for 5 Tips for Avoiding Foreclosure Scams.
5 Tips for Avoiding Foreclosure Scams
Foreclosure Prevention Workshops
A number of entities throughout Texas host foreclosure prevention workshops. One of them is the DFW Home Ownership Preservation Task Force, formerly known as the Dallas HOPE partnership. Over the past five years, DFW HOPE has been helping homeowners facing foreclosure, with initiatives such as publicizing the toll-free HOPE hotline, 888-995-HOPE (4673), and hosting workshops.
In 2008, 680 households were assisted at workshops sponsored by the DFW Home Ownership Preservation Task Force. In addition, DFW HOPE members welcomed another 460 households attending the national HOPE NOW Alliance workshop in Arlington, Texas, in June 2008.
The 2009 workshops are proving to be even more popular. By the end of April, almost 600 households attended workshops sponsored by the DFW HOPE partnership. DFW HOPE plans to host additional workshops throughout 2009 in cities across North Texas. Announcements of DFW HOPE and other foreclosure prevention events across Texas can be found at the Texas Foreclosure Prevention Task Force website, www.texasforeclosurehelp.org.
Workshop Exit Surveys
The Community Affairs staff at the Federal Reserve Bank of Dallas has begun to analyze hundreds of consumer surveys taken at foreclosure prevention workshops in the Dallas–Fort Worth area since 2008. Listed below is a snapshot of consumer responses from the August 2008 Dallas workshop. A total of 360 households attended the event, and 152 of them participated in the survey.
The Dallas Fed Community Affairs staff plans to interview some borrowers six to 12 months after they attended a workshop in order to assess the workshops' effectiveness.
e-Perspectives, Volume 9, Issue 1, 2009