Items Tagged with 'blight'


  • Fannie, Freddie expand neighborhood stabilization efforts to 10 new markets

    Partnership with National Community Stabilization Trust grows to new cities
    Three years ago, Federal Housing Finance Agency Director Mel Watt announced the “Neighborhood Stabilization Initiative,” an effort to assist homeowners in communities that were disproportionally affected by foreclosures. Now, the Neighborhood Stabilization Initiative is being expanded to 10 new markets.
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  • New York awards $10 million to 18 cities to fight neighborhood blight

    Money comes from financial crisis settlements
    Over the last several years, the state of New York has undertaken a multi-pronged approach to fight the blight that took place in many neighborhoods throughout the state in the wake of the housing crisis. And Monday, the office of New York Attorney General Eric Schneiderman announced that it is launching a new program and awarding $10 million over the next two years to 18 cities to be used for neighborhood revitalization.
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  • Goodbye plywood: Fannie Mae no longer allows plywood in pre-foreclosure

    Servicers must replace plywood on existing properties
    In November, Fannie Mae announced that mortgage servicers would be reimbursed for using clear boarding instead of plywood when securing houses that were in pre-foreclosure. That announcement was not retroactive, meaning it only applied to new pre-foreclosures. But that’s not the case anymore, as Fannie Mae announced this week that it is moving away from plywood entirely.
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  • New York allots $20 million to state land banks to fight blight

    Money to come from Goldman Sachs, Morgan Stanley mortgage bond settlements
    The state of New York is set to give an additional $20 million to the state’s land banks as part of a continuing effort to fight neighborhood blight throughout the state, the office of New York Attorney General Eric Schneiderman announced this week. The funding will come from the state’s settlements with Goldman Sachs and Morgan Stanley, both of which agreed to multi-billion dollar mortgage bond settlements earlier this year.
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  • Michigan plans $75M more fed funds to fight blight in Detroit, Flint

    Plan to utilize increased Hardest Hit Fund allocation approved
    The office of Michigan Gov. Rick Snyder announced the Treasury Department's approval of the Michigan State Housing Development Authority’s plan to utilize the $74.5 million allocated to the state as part of an expansion of the Hardest Hit Fund program, paving the way for increased foreclosure prevention and blight elimination efforts in the cities of Detroit and Flint.
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  • Oakland sues Wells Fargo for mortgage discrimination

    Becomes latest city to sue for allegedly steering minorities into high-cost loans
    The city of Oakland, California is the latest municipality to sue one of the nation’s largest banks. The city accuses Wells Fargo of allegedly steering minority borrowers into higher-cost loans, which led to rampant foreclosures and neighborhood blight.
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  • Phoenix bans plywood for vacant REOs

    Transparent plastic covers are now required
    Phoenix residents and government officials decided to take a stand against blight in the city, passing a first-of-its-kind city ordinance. Plywood is out. SecureView is in.
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  • New Orleans planning huge public property auction

    City seeks to revitalize blighted neighborhoods
    The city of New Orleans is planning to auction of 3,000 tax-adjudicated properties in an effort to revitalize some of the city’s blighted neighborhoods. According to a report in the New Orleans Times-Picayune, prospective buyers will be able to view the properties online beginning March 6 and may be able to claim a property for as little as $3,000.
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  • Michigan to get $75 million more to fight blight

    $47.4 million earmarked for Detroit
    The fight against residential blight isn't over in Michigan. The state is about to get an injection of federal funding to continue its efforts to clean up the neighborhoods that were the hardest hit by the economic downturn.
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