Journal Article
RHOPI perspectives: neighborhood housing services of Chicago
Abstract: Over seven years ago, Neighborhood Housing Services of Chicago (NHS) increased substantially its focus on working to help victims of predatory lending avoid foreclosure. Well before the ?foreclosure crisis? was a national phenomenon, home owners, mostly in lower-income communities, were facing foreclosure at an increased rate due to the predatory practices of mortgage brokers peddling subprime loans with high interest rates. NHS identified this issue through its network of neighborhood offices, neighborhood staff, and advisory councils, and initiated the Home Ownership Preservation Initiative (HOPI) formally in 2003. The idea behind the effort was to engage the new players in the mortgage market, including subprime lenders and servicers, who were playing an increasingly significant role as foreclosure rates grew, to help stem the rise in foreclosures.
Keywords: Housing - Chicago (Ill.); Home ownership; Foreclosure;
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File(s): File format is application/pdf http://www.chicagofed.org/digital_assets/publications/profitwise_news_and_views/2009/PNV_Dec2009_ReEd_web.pdf
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Bibliographic Information
Provider: Federal Reserve Bank of Chicago
Part of Series: Profitwise
Publication Date: 2009
Issue: Dec
Pages: 8-10