FHLBank San Francisco Hosts Foreclosure Prevention Workshop for Distressed Homeowners in Orange County

LADERA RANCH, Calif., March 2, 2011 /PRNewswire-USNewswire/ -- More than 300 homeowners attended a Foreclosure Prevention Workshop hosted by the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) and the Orange County Home Ownership Preservation Collaborative. Rep. Ken Calvert (CA-44) was a special guest at the event, which was held Saturday, February 26, 2011.

Distressed homeowners received face-to-face personal assistance from U.S. Department Housing and Urban Development (HUD) approved housing counselors. Partnering in the event held at the Ladera Ranch Middle School were the Orange County Home Ownership Preservation Collaborative, Housing Opportunities Collaborative of the Inland Empire, Village Presbyterian Church, along with Ladera Ranch community leaders, including Springboard President and CEO Todd Emerson.

"This is a difficult time for many people in our community and throughout the country," said Rep. Calvert. "However, they should know that they are not alone and there are people and groups who can help them through tough times. I commend OCHOPC, the Federal Home Loan Bank of San Francisco, and all the partners involved in last Saturday's workshop, organized to help individuals and families who are facing or are in the process of foreclosure. Together we can help people understand their financial options and provide information to help prevent foreclosure."

Participants in the event included counseling agencies such as Springboard, Consumer Credit Counseling Services-Orange County, Fair Housing Council-Orange County, and Neighborhood Housing Service-Orange County, as well as the Legal Aid Society of Orange County and the Public Law Center. The event attracted residents of Ladera Ranch and nearby communities, including Mission Viejo, Fullerton, Costa Mesa, Fountain Valley, and from as far away as Los Angeles, Riverside, and San Bernardino counties.

In addition to the FHLBank San Francisco, financial institutions participating in the workshop included US Bank, GMAC, Wells Fargo Bank, Chase Bank, HSBC Bank, PNC Bank, Bank of America, and Fannie Mae.

"We are pleased that so many homeowners had the opportunity to meet with their lenders and learn how they might prevent foreclosure on their homes," said Dwight Alexander, Vice President of Legislative and Regulatory Affairs at FHLBank San Francisco. "Many times foreclosures can be avoided by communicating with the lender and working out a modification plan. It's important that homeowners are aware of the options that are often available to them."

Springboard's Emerson agreed that the event was an opportunity for homeowners to communicate with the people and agencies that can make a difference. "By providing credit and legal counseling and bringing the major banking institutions all under one roof," he added, "We can give families in danger of losing their homes the best possibility to avoid foreclosure and modify their home loans."

The Federal Home Loan Bank of San Francisco

The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community investment programs that help members create affordable housing and promote community economic development. The Bank's members—its shareholders and customers—are headquartered in Arizona, California, and Nevada. Members may include federally insured depositories—commercial banks, credit unions, industrial loan companies, and savings institutions—as well as insurance companies and community development financial institutions, including privately insured, state-chartered credit unions.

Contact:  Kevin Blackburn, 415.616.2572, [email protected]

SOURCE Federal Home Loan Bank of San Francisco