In the spring of 2007, the CED Committee convened the interagency, multi-sector Foreclosure Prevention Task Force to respond to the foreclosure crisis in Philadelphia. Members include representatives from various banking institutions, public interest attorneys and housing advocates from nonprofit organizations in Philadelphia.
The goals of the Task Force are to:
- Articulate a vision of what an effective foreclosure prevention system would be
- Build consensus around recommendations to lenders, government, and nonprofits that would reduce the number of foreclosures through preventive and remedial strategies
- Initiate and implement those strategies that are within the power of the CED Committee
Since the formation of this group, CED and the Task Force have coordinated various activities such as organizing conferences at the Federal Reserve Bank of Philadelphia and implementing a city-wide Mortgage Foreclosure Rescue Scam Alert campaign in partnership with the City of Philadelphia and NeighborWorks America, and producing the Foreclosure Prevention Resource Guide.
Currently, the Task Force is collaborating with the Federal Reserve Bank of Philadelphia and other stakeholders to organize a conference focused on foreclosure prevention and servicing since the end of the Home Affordable Modification Program (HAMP).