Federal Home Loan Bank of San Francisco, Local Organizations Host Foreclosure Prevention Workshops

Events in Ukiah and Lakeport Help Consumers Facing Housing Issues

Ukiah, CA - November 27, 2009 - (RealEstateRama) — The Federal Home Loan Bank of San Francisco (FHLBank San Francisco), working with the Mendocino/Lake Housing Foreclosure Prevention Coalition, hosted community housing workshops last weekend in Mendocino and Lake Counties.

The Foreclosure Prevention and First-Time Homebuyer Workshops were held Saturday at the Redwood Empire Fairgrounds in Ukiah and at the Lake County Fairgrounds in Lakeport, where presentations were offered in English with Spanish translation.

“It’s crucial that families get good advice on how to deal with their housing problems,” Rep. Mike Thompson (CA-1st) said in a statement regarding the workshops. “It’s the sign of a strong community that so many people and organizations are willing to help out. Special thanks go to the Federal Home Loan Bank of San Francisco and the Mendocino/Lake Housing Foreclosure Prevention Coalition for their leadership in pulling these home loan counseling sessions together.”

Among the organizations also sponsoring the sessions were Mendo Lake Credit Union, Northern Circle Indian Housing Authority, Redwood Credit Union, Rural Communities Housing Development Corporation, Savings Bank of Mendocino County, and The Bogner Group.

“The Federal Home Loan Bank of San Francisco is pleased to help consumers who are confronted with critical housing issues,” said Kevin Blackburn, Assistant Vice President, Legislative and Regulatory Affairs, FHLBank San Francisco. “We know there are many families who need counseling on what to do when they fall behind on their mortgages. And at the other end of the spectrum, there are families who need advice on their first home purchase.”

Mr. Blackburn noted that FHLBank San Francisco is working with community organizations and financial institutions to help fill a void with these workshops, since there are not enough experienced housing counselors in the Mendocino and Lakeport areas.
Officials explained that the Northern Circle Indian Housing Authority (NCIHA) is certified by the US Department of Housing and Urban Development (HUD) to provide counseling, but NCIHA only has one person who does foreclosure counseling part time for people from both Lake and Mendocino counties. In addition, the California Human Development Corporation has one person who is bi-lingual and works out of Lake County and recently begun offering assistance.

The demand for counseling is high because of the alarming number of foreclosures in the area. In Mendocino County, which has a population of 86,221 and is 20.6% Latino, there are currently 539 homes in foreclosure. In 2007, there were only 70. Foreclosures are also escalating in Lake County, where the population is 64,866 and is 15.7% Latino. There are currently 1,361 homes in foreclosure in Lake County. By contrast, there were only 288 in 2007.

“We realize that we have a community problem and next to no resources to address it,” said Ruth Valenzuela, one of the founders of the Mendocino/Lake Housing Foreclosure Prevention Coalition. “We began meeting with business leaders, lenders, and representatives of housing and government agencies, among others and began a brainstorming process that has yielded many cooperative solutions to portions of the problem but our main challenge remains. We don’t have enough HUD-approved counselors to assist even a small percentage of the people in need and there is no funding to develop more.” The workshops gave local residents a chance to get the counseling they need.

About the Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community investment programs that help members create affordable housing and promote community economic development. The Bank serves and is owned by 358 commercial bank, savings institution, credit union, thrift and loan, and insurance company members headquartered in Arizona, California, and Nevada.

Contact:
Kevin Blackburn, (415) 616-2572
blackbur (at) fhlbsf (dot) com

Tagged as: FHLBank, Loan, Ukiah

 

 

 

 

USGBC - U.S. Green Building Council

HUD - U.S. Department of Housing and Urban Development

NAR - National Association of REALTOR

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FHFA - Federal Housing Finance Agency

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MBA - Mortgage Bankers Association