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New Release

Reinvestment Task Force and FHLBank San Francisco, Working with Rep. Filner, Hold Foreclosure Workshop to Help San Diego Homeowners 
 
San Diego – The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) and the Reinvestment Task Force, working with Rep. Bob Filner (CA-51st), today co-sponsored a Foreclosure Prevention Workshop that provided counseling for homeowners in danger of losing their homes.

The workshop was part of the Smart Money Summit and Expo, which focused on a wide range of consumer financial issues. The Expo was held at the San Diego City Concourse in cooperation with San Diego City Councilman Anthony Young and County Supervisor Ron Roberts. 
 
With many homeowners concerned about rising monthly mortgage payments caused by interest rate resets on adjustable rate mortgages, FHLBank San Francisco worked with the Reinvestment Task Force and the U.S. Department of Housing and Urban Development to provide counseling to homeowners who may be facing foreclosure. Several institutions that are members of the FHLBank San Francisco also participated in the workshop, including Citibank, N.A., San Diego National Bank, and Washington Mutual Bank.

“One of the most important services we can make available to area homeowners is offering accurate information on how they can resolve problems with their mortgages,” Rep. Filner said. “Many lenders are willing to work with borrowers to allow them to keep their homes. Homeowners need to know their options. Our community thanks FHLBank San Francisco for helping arrange this workshop, which provided valuable information to consumers.”

Lawrence H. Parks, Senior Vice President of Legislative & Regulatory Affairs at FHLBank San Francisco, said the Bank is working with its member institutions to hold Foreclosure Prevention Workshops. “Our region has been hard hit by the housing crisis,” Mr. Parks said. “We have many homeowners who cannot afford the higher monthly payments after their loans reset. But families and individuals need to know that there are options available that can help them keep their homes.”

Moreover, Mr. Parks noted that FHLBank San Francisco will soon launch a $10 million program to help reduce the region’s growing number of home foreclosures. The Homeownership Preservation Subsidy (HPS) is a set-aside program that will offer long-term solutions for low- to moderate-income homeowners by encouraging lenders to rework eligible mortgages. Bank member financial institutions will be able to use HPS funds to restructure qualifying adjustable rate mortgages into affordable fixed rate 30-year loans. The Bank will provide up to $1 in HPS funds for every $2 provided by the member, up to a maximum amount of $25,000 in HPS funds per restructuring.
 
Contact:
Kevin Blackburn, (415) 616-2572
blackbur@fhlbsf.com
© 2000-2008 Federal Home Loan Bank of San Francisco
Federal Home Loan Bank of San Francisco

New Release

Reinvestment Task Force and FHLBank San Francisco, Working with Rep. Filner, Hold Foreclosure Workshop to Help San Diego Homeowners 
 
San Diego – The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) and the Reinvestment Task Force, working with Rep. Bob Filner (CA-51st), today co-sponsored a Foreclosure Prevention Workshop that provided counseling for homeowners in danger of losing their homes.

The workshop was part of the Smart Money Summit and Expo, which focused on a wide range of consumer financial issues. The Expo was held at the San Diego City Concourse in cooperation with San Diego City Councilman Anthony Young and County Supervisor Ron Roberts. 
 
With many homeowners concerned about rising monthly mortgage payments caused by interest rate resets on adjustable rate mortgages, FHLBank San Francisco worked with the Reinvestment Task Force and the U.S. Department of Housing and Urban Development to provide counseling to homeowners who may be facing foreclosure. Several institutions that are members of the FHLBank San Francisco also participated in the workshop, including Citibank, N.A., San Diego National Bank, and Washington Mutual Bank.

“One of the most important services we can make available to area homeowners is offering accurate information on how they can resolve problems with their mortgages,” Rep. Filner said. “Many lenders are willing to work with borrowers to allow them to keep their homes. Homeowners need to know their options. Our community thanks FHLBank San Francisco for helping arrange this workshop, which provided valuable information to consumers.”

Lawrence H. Parks, Senior Vice President of Legislative & Regulatory Affairs at FHLBank San Francisco, said the Bank is working with its member institutions to hold Foreclosure Prevention Workshops. “Our region has been hard hit by the housing crisis,” Mr. Parks said. “We have many homeowners who cannot afford the higher monthly payments after their loans reset. But families and individuals need to know that there are options available that can help them keep their homes.”

Moreover, Mr. Parks noted that FHLBank San Francisco will soon launch a $10 million program to help reduce the region’s growing number of home foreclosures. The Homeownership Preservation Subsidy (HPS) is a set-aside program that will offer long-term solutions for low- to moderate-income homeowners by encouraging lenders to rework eligible mortgages. Bank member financial institutions will be able to use HPS funds to restructure qualifying adjustable rate mortgages into affordable fixed rate 30-year loans. The Bank will provide up to $1 in HPS funds for every $2 provided by the member, up to a maximum amount of $25,000 in HPS funds per restructuring.
 
Contact:
Kevin Blackburn, (415) 616-2572
blackbur@fhlbsf.com



© 2000-2008 Federal Home Loan Bank of San Francisco