Send a Tweet
Most Popular Choices
Poll Analyses
Share on Facebook Share on Twitter Printer Friendly Page More Sharing
General News   

Foreclosure Crises Needs Public-Private Programs

By David Petrovich  Posted by David Petrovich (about the submitter)       (Page 2 of 2 pages) Become a premium member to see this article and all articles as one long page. (View How Many People Read This)   No comments
Author 13173
Message David Petrovich

As an example of a public-private partnership, SPOCH’s HomeKeeper Turnkey Program would use TARP II or other government funds to...

(1) Purchase at a deep discount from mortgage holders nonperforming mortgage notes and pools of nonperforming mortgage notes.

(2) Stop foreclosure and restore affordable homeownership for thousands of qualified, at risk homeowners whose unsuitable mortgage loan terms have resulted in foreclosure.

(3) Recycle newly unaffordable subprime mortgages into performing, profitable mortgage loans which will be sold to the secondary mortgage market.

(4) Create jobs for displaced real estate professionals to administer the statewide program and by hiring new businesses to implement recommended green initiatives to modernize modest income homes (thereby reducing homeowners' long-term costs for energy consumption).

As a mortgage holder with unilateral modification authority,  SPOCH would appoint an HomeKeeper Counselor to meet with qualified homeowners to review options to foreclosure designed to preserve continued, affordable homeownership. The homeowner would provide authenticated updates to current employment and finances.  An FHA 203K property appraisal and inspection report would follow to confirm the home's current fair market value - as the basis for a structured loan modification that makes sense for all stakeholders.

In the short term, the loan modification will result in reduced loan payments for the homeowner.  Over time, as the economy and housing markets improve, program participants will be required to adhere to a strict budget, and eventually return a portion of the home's appreciated value upon its sale or refinance.  The sale of modified, performing mortgages to the secondary market, and the assignment of owners’ equity makes the HomeKeeper program self-funded and not dependent on subsequent government support.

David Petrovich is Executive Director of Society for Preservation of Continued Homeownership, a 501c3 non profit consumer advocacy, and author of Fight Foreclosure: How to cope with a mortgage you can’t pay, Negotiate with your lender, and Save your home! (Wiley & Sons 2008)   For more information, visit, E-mail  Mr. Petrovich @, or Jeffrey Ross Williams, Esq., a public policy advisor in Washington, DC, and Loch Arbor, New Jersey @ 

Next Page  1  |  2

(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).


Rate It | View Ratings

David Petrovich Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Executive Director: Society For Preservation of Continued Homeownership (SPOCH), a 501c3 tax exempt, charitable and educational consumer advocacy.

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines
Contact EditorContact Editor
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
   (Opens new browser window)

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Wall Street's Achilles Heel may be hidden in plain sight

Foreclosure Crises Needs Private-Public Programs

New Lamps for Old

Eminent Domain - a Gift Horse or Trojan Horse?

To View Comments or Join the Conversation: