Housing Advocacy Groups, Subprime Mortgage Servicer Discuss Foreclosures

(Comment on this article at http://www.financialwire.net/2009/10/07/housing-advocacy-groups-subprime-mortgage-servicer-discuss-foreclosures/)

October 7, 2009 (FinancialWire) -- Mortgage servicer Ocwen Financial Corp. (NYSE: OCN) convened more than 30 representatives of grassroots and national housing advocacy organizations to share success stories, new ideas and insights related to preventing foreclosures and helping homeowners. The roundtable discussion was geared, in part, to provide additional context for an expected report by a Congressional Oversight Panel on the effectiveness of foreclosure mitigation efforts.

During the roundtable, which included remarks from human rights activist and author Kerry Kennedy, the community groups and Ocwen representatives agreed upon a number of imperatives and recommendations. They include:

* Working closely with the Obama administration to arrive at more

flexible guidelines so more distressed homeowners qualify for

mortgage modifications under the Home Affordable Modification

Programl

* Developing a national awareness and information campaign

regarding HAMP to increase homeowner outreach.

* Focusing more intensely on homeowners who are under-employed or

unemployed and thus need state or federal assistance to qualify

for mortgage modifications.

* Greater collaboration between servicers and grassroots groups in

providing real-time solutions for homeowners - including being

more proactive about helping borrowers early on, before they

face the prospect of foreclosure.

* Increasing government budget allocations for community and

grassroots organizations' engagement in housing and financial

counseling with homeowners - and streamlining the procedures for

reimbursement for the effort.

* Increasing the use of Web technology to reach out to homeowners

and link them with community groups that can offer housing

counseling and other supportive social services.

* Combating consumer and Fair Housing violations and other scams

perpetrated on borrowers by groups trying to lure distressed

homeowners into illegal and damaging home foreclosure prevention

programs.

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