FHLBank San Francisco Sponsors Foreclosure Prevention and First-Time Homebuyer Workshop in Long Beach

LONG BEACH, Calif., Aug. 9 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) joined with financial institutions and community organizations on Saturday to host a foreclosure prevention workshop and homebuyer education fair in Long Beach.  

The workshop provided information and financial counseling to residents confronting the possibility of losing their homes through foreclosure or facing the challenges of buying their first residence. While data shows that foreclosures are declining in the Long Beach area, the sluggish economy, as well as the declining value of homes, continues to pose threats to struggling homeowners.

Rep. Laura Richardson (D-CA) said the workshop will benefit many of her constituents. "We have too many families who are struggling to keep their homes, but don't know what to do," she said. "We appreciate that lenders and organizations are holding events like this workshop to help ensure that homeowners and potential homeowners are aware of their options.  This workshop is a real community service, and many people will benefit from it."

Along with the FHLBank of San Francisco, the workshop was sponsored by Los Angeles Neighborhood Housing Services, the Long Beach Housing Development Company, the Federal Deposit Insurance Corporation, the Keep Your Home Foundation, the Los Angeles County NeighborWorks Center for Foreclosure Solutions. Oftentimes, the biggest problem for homeowners is that they did not communicate with their lender after falling behind in their mortgage payments. Attendees at the workshop had the opportunity to talk with lenders and learned how they could possibly work out loan modifications or new arraignments that would allow them to keep their homes.  Among the financial institutions participating in the workshop were Wells Fargo Bank, Wachovia, Bank of America, Litton Loan Servicing LP, GMAC Mortgage, LLC, PNC Bank and Saxon Mortgage Services Inc.

"Nationally, 50 percent of families who lose their homes to foreclosure do not seek assistance, so we are trying to reach families before they become a statistic," said Lori R. Gay, President and Chief Executive Officer of Los Angeles Neighborhood Housing Services.

FHLBank San Francisco has hosted 12 foreclosure prevention workshops in the past two years, as it seeks to help homeowners during the current housing crisis.

"Our goal is to provide opportunities for individuals and families to obtain the information that they need to keep their homes," said Lawrence H. Parks, Senior Vice President of External Affairs for FHLBank San Francisco. "When facing severe financial struggles, homeowners are not aware of the options available to them. These workshops give them the opportunity to learn what options are best for their families."

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 commercial banks, credit unions, savings institutions, thrift and loans, and insurance companies headquartered in Arizona, California, and Nevada.

Contact:  Kevin Blackburn, 415.616.2572,  [email protected]

SOURCE Federal Home Loan Bank of San Francisco