Jennifer L. Flatter, Ohio Department of Commerce October 8, 2008 Save the Dream: Ohio’s Foreclosure Prevention Effort

Ohio’s Foreclosure Prevention Task Force Governor Ted Strickland Unified and coordinated statewide response to the dramatic increase in Ohio foreclosures Director of Commerce Kimberly Zurz 11 meetings, 20 subcommittees meetings Report and recommendations submitted September 10, recommendations under 7 themes

Compact to Help Ohioans Preserve Homeownership Governor asked servicers to work with the State in making every possible attempt to prevent default loans and foreclosures Signed April 7, 2008 First agreement of its kind Nine mortgage servicers Six principles

Borrower Outreach Days 11 Borrower Outreach Days HUD’s event in Cleveland More than 2,500 homeowners attended Foreclosure prevention Credit counseling Rescue scams Mediation

Save the Dream Multi-agency, public awareness campaign Introduced on March 13, 2008 Radio and television advertisements Billboards Website ( Telephone hotline ( )

Save the Dream 11,000 calls 5,100 Ohioans received housing counseling or legal assistance Over 24,000 unique web visitors 1,300 attorneys volunteer attorneys statewide

Opportunity Loan Refinance Program Ohio Housing Finance Agency (OFHA) 30-year, fixed-rate refinancing alternative Mortgage that is no longer suitable for financial situation Up to one 60-day late payment and two 30- day late payments in the last 12 months First of its kind

Ohio Home Rescue Program Ohio Department of Development (ODOD) Grant of $1 million through the Ohio Housing Trust Fund Grants to homeowners with incomes at or below 65% of the area median income OHFA $3.1 million in deferred loans Between 65% and 125% of the area median income Neighborhood Housing Services of Greater Cleveland (NHS) through a network of 12 organizations

Foreclosure Prevention Housing Counseling Program Early 2008 Nearly $5.1 million in housing counseling funds distributed by ODOD and OHFA 32 state-sponsored, Save the Dream counselors NFMC grant for $2.5 million for counseling $1.9 million for legal assistance

What Ohio has Realized Group effort Aggressive and comprehensive strategy Pew’s Project Manager Kil Huh said, “Every state has the tools to act, and I think Ohio is a model in the sense that it’s trying to use whatever mechanism it has to help the state’s families and communities.”

Questions Jennifer L. Flatter Legislative Liaison Ohio Department of Commerce 77 South High Street, 23rd Floor Columbus, Ohio (614)