City of Baltimore - File #: 15-0557

• File #: 15-0557
• Version: 0
• Name: Foreclosure Prevention - Partnerships with Nonprofits and Financial Institutions
• Type: Mayor and City Council Res.
• Status: Enacted
• File created: 7/20/2015
• In control: City Council
• Final action: 11/19/2015
• Enactment #: 15-23
• Title: Foreclosure Prevention - Partnerships with Nonprofits and Financial Institutions FOR the purpose of supporting the effort to get delinquent mortgages into the hands of nonprofits for the purpose of saving homes from foreclosure and creating affordable housing; and committing the City of Baltimore to meet with financial entities with the goal of encouraging them to sell more delinquent mortgages to qualified non-profits that have the funding and infrastructure to purchase, service, and hold the mortgages, and a track record doing so.
• Sponsors: Bill Henry, Sharon Green Middleton, Eric T. Costello, Helen L. Holton, Carl Stokes, James B. Kraft, Warren Branch, Brandon M. Scott, William "Pete" Welch, Mary Pat Clarke, Robert Curran, Edward Reisinger
• Indexes: Financial, Foreclosure, Institutions, Nonprofits, Partnership, Prevention

Date	Ver.	Action By	Action	Result
12/7/2015	0	Mayor	Signed by Mayor
11/16/2015	0	City Council	Approved and Sent to the Mayor
11/9/2015	0	City Council	3rd Reader, for final passage
11/5/2015	0	Housing and Community Development Committee	Recommended Favorably	Pass
10/19/2015	0	Housing and Community Development Committee	Scheduled for a Public Hearing
7/23/2015	0	The City Council	Refer to Dept. of Housing and Community Development
7/20/2015	0	City Council	Assigned
7/20/2015	0	City Council	Introduced

* WARNING: THIS IS AN UNOFFICIAL, INTRODUCTORY COPY OF THE BILL.
THE OFFICIAL COPY CONSIDERED BY THE CITY COUNCIL IS THE FIRST READER COPY.
INTRODUCTORY*

CITY OF BALTIMORE
COUNCIL BILL

Introduced by: Councilmember Henry


A RESOLUTION ENTITLED

A RESOLUTION OF THE MAYOR AND CITY COUNCIL concerning
title
Foreclosure Prevention - Partnerships with Nonprofits and Financial Institutions
FOR the purpose of supporting the effort to get delinquent mortgages into the hands of nonprofits for the purpose of saving homes from foreclosure and creating affordable housing; and committing the City of Baltimore to meet with financial entities with the goal of encouraging them to sell more delinquent mortgages to qualified non-profits that have the funding and infrastructure to purchase, service, and hold the mortgages, and a track record doing so.
body

Recitals

WHEREAS, Since the beginning of the housing crisis in 2007, more than four million families have lost their homes to foreclosure, which has caused state and local governments to face crippling budget crises.

WHEREAS, According to the State?s Department of Housing & Community Development,?as recently as in the fourth quarter of 2014, the number of foreclosure events reached 13,959, the?highest level since 2010.

WHEREAS, Thousands of homeowners in our city are caught-up in predatory mortgages that will become unaffordable in the coming years.

WHEREAS, Foreclosures have a negative social and economic impact on the affected families, neighborhoods, and our city as a whole, while disproportionately harming communities of color.

WHEREAS, HUD, Fannie Mae and Freddie Mac,...