CommunityLiaison

is produced by the

Office of Thrift Supervision

1700 G Street, N.W.

Washington, D.C. 20552

To receive additional copies

please call your local

Community Affairs Liaison

(see page 2)

C mmunity Liaison

Welcome to all readers of

Community Liaison, the

OTS’ Community Affairs

newsletter for Summer 2007! After

several years in hiatus, we have

resumed publication, and we’re

pleased to introduce a new direction

for the newsletter. Starting with this

edition, Community Liaison will

address consumer compliance and

community development topics that

have a central focus and can serve as

timely resources for thrift institutions,

our examiner workforce, and consumer advocacy and communitybased organizations. 

We have chosen to reintroduce

Community Liaison in part to mark

National Homeownership Month, held

annually each June. During National

Homeownership Month, participants

undertake a wide array of activities to

promote homeownership and homeownership preservation. In that spirit,

the newsletter highlights new and

ongoing efforts that support affordable and sustainable homeownership.

These efforts are particularly relevant

in the context of the recent boom in

the subprime mortgage market and

the substantial rise in loan delinquencies and foreclosures for homeowners

who hold higher-cost mortgages. 

In a May 2007 speech on the subprime mortgage market, Federal

Reserve Chairman Ben Bernanke

noted that, for subprime mortgages

having adjustable interest rates, the

rate of serious delinquencies rose dramatically during 2006 to 11 percent,

approximately twice the percentage in

mid-2005. Freddie Mac’s June 2007

Economic and Housing Outlook

observes that one in thirteen homes

with subprime mortgage loans are

candidates for foreclosure, and projects that more than one million

homes will enter foreclosure in 2007.

Sixty percent of these homeowners

hold subprime mortgages.

We recognize that nonprime mortgage

lending activity has expanded homeownership opportunities for many

borrowers, particularly those having

low- and moderate-incomes and/or

blemished credit profiles. Over the

past couple of years, however, the

softening of the housing market in

many parts of the country, coupled

with the rising interest rates on certain

types of mortgage products, has

resulted in sharp increases in the

number of homeowners experiencing

financial distress. 

On April 17, 2007, the federal bank,

thrift and credit union regulatory

agencies issued an interagency statement via joint press release (OTS 07-

025), which encourages financial

institutions to work with homeowners

who are unable to make their mortVolume No. 2007-01 Summer 2007

From the Director’s Desk

John M. Reich, Director, Office of Thrift Supervision
– 2 –

gage payments. Programs that transition low- or moderateincome homeowners from higher-cost to lower-cost loans

may receive favorable consideration under the Community

Reinvestment Act (CRA), provided the loans are made in a

safe and sound manner.

What’s In This For You?

The lead article in this edition deals with foreclosure rescue

scams. As some homeowners have attempted to stay current

on their mortgage payments, they have become vulnerable

to fraudulent rescue schemes. Tactics include charging exorbitant fees for basic or nonexistent services, and taking title

to the home in exchange for “bailing out” the homeowner

from mounting mortgage debt. The newsletter makes reference to foreclosure prevention resources for homeowners,

including how to obtain legitimate foreclosure assistance

services. (See Foreclosure Rescue Scams: How to Avoid

Getting Caught, page 3).

The fraudulent activity noted above, unfortunately, is not

limited to foreclosure rescue scams. In the Gulf Coast region

devastated by Hurricanes Katrina and Rita, home repair

contractor and homeowner’s insurance scams are a growing

problem; in addition, hazard insurance costs have escalated

dramatically, which has exacerbated the daunting task of

rebuilding affordable housing stock in the affected areas.

(See Rebuilding Housing After Hurricanes Katrina and

Rita: Traveling Along the Road Home, page 12).

The need for constructive responses to the problems in the

Gulf Coast remains compelling. To that end, the OTS will

sponsor our second national housing forum in December

2007. The forum will emphasize future hazard insurance

coverage and restoring affordable housing in disasteraffected communities. We will also address foreclosure prevention and related consumer protection issues. More information on the forum will be available in the next few

months on our Web site and through other sources.

This issue of the Community Liaison also describes firsttime homebuyer programs available through the Federal

Home Loan Bank System and the U.S. Department of

Housing and Urban Development, among others, which can

assist thrift institutions in meeting the needs of the communities they serve. (See First-Time Homebuyer Programs of

the Federal Home Loan Bank System: Expanding Access to

Affordable Homeownership and companion articles, beginning on page 6). An additional benefit is that use of these

programs may result in positive CRA consideration. 

CommunityLiaison

OTS Community Affairs Staff

Northeast Region

Connecticut, Delaware, Maine, Massachusetts, New Hampshire,

New Jersey, New York, Pennsylvania, Rhode Island,

Vermont, & West Virginia

Francis Baffour, Community Affairs Liaison (201) 413-7343 – Ph.

U.S. Department of the Treasury (201) 413-7520 – Fax

Office of Thrift Supervision

10 Exchange Place, 18th Floor

Jersey City, New Jersey 07302

Southeast Region

Alabama, Florida, Georgia, Kentucky, Maryland, North Carolina,

South Carolina, Tennessee, Virginia, Washington, D.C., Puerto Rico, &

Virgin Islands

Lynn Bedard, Community Affairs Liaison (404) 888-8443 – Ph.

U.S. Department of the Treasury (404) 897-1861 – Fax

Office of Thrift Supervision

1475 Peachtree Street, N.E.

Atlanta, Georgia 30309

Central Region

Illinois, Indiana, Michigan, Ohio, & Wisconsin

VACANT, Community Affairs Liaison (312) 917-5000 – Ph.

U.S. Department of the Treasury (312) 917-5001 – Fax

Office of Thrift Supervision

1 South Wacker Drive

Suite 2000

Chicago, Illinois 60606

Midwest Region

Arkansas, Iowa, Kansas, Louisiana, Minnesota, Mississippi, Missouri,

Nebraska, New Mexico, North Dakota, Oklahoma, South Dakota,

& Texas

Aaron Satterthwaite, Jr., Community Affairs Liaison (972) 277-9569 – Ph.

U.S. Department of the Treasury (972) 277-9563 – Fax

Office of Thrift Supervision

225 E. John Carpenter Freeway, Suite 500

Irving, Texas 75062-2326

West Region

Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana,

Nevada, Oregon, Utah, Washington, Wyoming, Guam, & The Northern

Mariana Islands

James Woods, Community Affairs Liaison (650) 746-7040 – Ph.

U.S. Department of the Treasury (650) 746-7001 – Fax

Office of Thrift Supervision

Pacific Plaza — 2001 Junipero Serra Blvd., Suite 650

Daly City, California 94014-1776

Washington, D.C.

Stephanie Caputo, Community Affairs Specialist (202) 906-6549 – Ph.

U.S. Department of the Treasury (202) 906-6326 – Fax

Office of Thrift Supervision

1700 G Street, N.W.

Washington, D. C. 20552

CommunityLiaison

Editor: Stephanie Caputo

Production: Rick Shacklette

Printing: John Scott
– 3 –

The housing market has a huge impact on the vitality

of our economy. Among other important benefits,

there is growing evidence that homeownership stabilizes communities and contributes to lower crime rates and

better school scores for children.1

Beyond the socioeconomic advantages,

housing has an enormous impact on

individuals and families. A house is the

largest asset most Americans own, and

homeownership rates in this country

continue to rise. The boom in subprime

mortgage lending has greatly expanded

homeownership opportunities, contributing to a homeownership rate of 69

percent in the United States, the highest

percentage in history.

The good news, however, is tempered by

recent troubling developments.

Mortgage delinquency rates have been

rising; in fact, fourth quarter 2006 produced more foreclosure filings than in

any of the previous three quarters that

year.2 The increase in the number of properties in foreclosure is driven in part by the slowing of housing sales and the

impact of rising mortgage payments, particularly for borrowers with weaker credit profiles who hold certain types of

adjustable-rate mortgages (ARMs), such as subprime

hybrid ARMs. In addition to these factors, financial hardship or other circumstances beyond their control, such as

job loss or the high expenses associated with a major illness,

can cause homeowners to fall behind on mortgage payments, putting them at risk of losing their homes to foreclosure.

Compounding the problem are opportunists who exploit other people’s misfortune through disreputable and

deceptive means. Some of the fastestgrowing frauds — and, for the people

who perpetrate them, the most lucrative

— are “foreclosure rescue” scams.

Foreclosure rescue scams target homeowners facing foreclosure, particularly

if they are equity-rich but cash-poor.

Rescue scams cost consumers thousands

of dollars and, often, their most valuable asset — their homes. The elderly,

and people with low incomes or blemished credit, are particularly vulnerable.

With foreclosure rates on the rise, foreclosure rescue scams are also increasing.

Information to counter such scams, including steps homeowners can take to protect themselves, follows. 

CommunityLiaison

First-time homebuyer programs typically require that borrowers receive

pre-purchase homeownership counseling to help them make informed

decisions when choosing among

prospective lenders and loan products.

Homeownership counseling programs

also advise borrowers on effective

ways to deal with financial difficulties

that can affect their ability to meet

their mortgage payment obligations.

Practitioners stress the importance of

making homebuyer education available on the front end, significantly

reducing the need for loan workouts

and other loss mitigation strategies

down the road. 

The nation’s thrifts have consistently

played a leadership role in financing

the American dream of homeownership. We are excited about the initiatives the OTS will undertake in the

coming months to foster sustainable

homeownership. We hope you find the

information in the newsletter helpful,

and welcome your feedback as we

embark on the journey to make the

Community Liaison a “go-to” reference Q

Foreclosure Rescue Scams:

How to Avoid Getting Caught

Stacy Messett, Senior Project Manager, Compliance and Consumer Protection

1 See the 2006 study issued by the National Association of Realtors “The Case for Homeownership” and the 2004 Federal Reserve Bank

of Boston study, “Qualifying the Benefits of Homeownership.”

2 According to RealtyTrac’s U.S. Foreclosure Market Report released on January 25, 2007, more than 1.2 million foreclosure filings were

reported nationwide during 2006, up 42 percent from 2005. This represented a foreclosure rate of one foreclosure filing for every 92 U.S.

households. A RealtyTrac survey released April 2007 showed that foreclosures during March 2007rose to 149,150, a 47 percent jump from

March 2006.
– 4 –

CommunityLiaison

Common Types of Foreclosure

Rescue Scams:

Perpetrators of rescue scams promise much-needed help to

homeowners in financial straits. The fraudulent practices

generally fall into the following three categories. 

Q Phantom help - The rescuer charges exorbitant fees for

telephone calls and paperwork that the homeowner easily could have handled, or promises robust representation and services that never materialize. In either event,

the homeowner may have little or no financial resources

remaining to save the home. 

Q Bailout - The rescuer bails out the homeowner by helping “dispose of” the house. The homeowner typically

surrenders title to the house while believing they can

stay on as renters and buy the house back once they

resolve their financial matters. The terms are typically so

onerous, however, that repurchase becomes impossible,

the homeowner permanently loses possession, and the

“rescuer” walks off with all, or most, of the homeowner’s equity.

Q Bait and switch - Rescuers tell the victims they will

obtain a new loan that will solve their problems. In reality, the homeowner signs forged documents that give the

scammers ownership of the home. In many of these

cases, homes are acquired for a very small fraction of

their actual value. The homeowner still holds the note

and mortgage on the home s/he no longer owns, including repayment obligations.

Many homeowners believed they were signing documents for a new loan to make the mortgage current, or

arranging for an intermediary to negotiate more favorable terms with the lender. Victims say they had no

intention of selling or giving up their home, although

there frequently is no written documentation to substantiate agreed-upon terms and conditions.

How Do Rescue Scams Work?

Based on a review of cases and reports from consumer

attorneys, law enforcement officials, and the news media,

the following list comprises tactics frequently used in foreclosure rescue scams. While these programs can work to

some extent for some borrowers, homeowners should carefully consider and review foreclosure rescue offers, especially when the potential “rescuer” seeks them out.

Q When a lender forecloses on a property, a public notice

that helps identify distressed homeowners is published

in a newspaper of general circulation or at local government offices. These records are more accessible than in

the past because they are increasingly computerized,

with a growing number of private firms compiling and

selling lists of defaulted loans and foreclosures to different parties. 

How do companies successfully lure borrowers into

rescue arrangements? As described in a National

Consumer Law Center Report, here are a few commonly used ploys.

Q Employing saturation marketing of purported rescue services, commonly characterized by exaggerations, misrepresentations, and pressure tactics.

Q Capitalizing on the homeowner’s desperation to

save the home, obtain needed cash, or make a

fresh start, generally conducted in a manner in

which the homeowner is encouraged to conclude

there is very little time to act.

Q Exploiting the homeowner’s belief that someone

would not lie to his or her face - reinforced by

many sympathetic-sounding and often face-toface sales pitches - or the false assurance that s/he

is being helped when, in fact, the homeowner is

left in a worse financial position.

Q Keeping homeowners “in the dark” about the foreclosure process. This includes failure to provide

information about foreclosure deadlines, legal

rights, and low-cost alternatives that can save the

home.

Q Using various fraudulent and deceptive documents, including forgeries. Scammers use many

complex documents that disguise the rescuer’s

equity-stripping intent. Unscrupulous companies

also may use documents that run out of space for

signatures on pages containing critical text. The

homeowner signs a blank page, and his/her signature is fraudulently transferred to an entirely different document.

Q Using affinity-marketing strategies. These

approaches appeal to the homeowners’ belief that

people who share similar ethnic, racial, religious or

age profiles are their advocates, protecting them

from those who don’t act in their best interests.

Q Preying on homeowners who lack financial awareness, particularly about sophisticated mortgage

loan products.

Rescue Scammers: How

They Set the Trap 
– 5 –

CommunityLiaison

At this point, the lender has not yet foreclosed on the

property, although foreclosure is threatened after the

homeowner falls behind on mortgage payments.

Q Initial discussions emphasize a “fresh start,” and often

feature “testimonials” from other homeowners the rescuer has supposedly helped. 

Q Scammers may instruct the homeowner to cease all contact with lawyers or the mortgage lender and let the rescuer handle negotiations. This tactic cuts off access to

refinancing options while running out the clock on legitimate ways to prevent the foreclosure. 

Q The homeowner loses the property when the scam is

completed or the house is sold to someone else at foreclosure. If there is a foreclosure sale, there may be little,

if any, equity remaining because repeated and excessive

fees have stripped it from the property’s value.

If Foreclosure Is Imminent:

What You Can Do

The following outline advises homeowners on constructive

ways to deal with pending foreclosure:

Q Do not panic or avoid the issue. The problem will not go

away, and will worsen if ignored.

Q Make sure that your home actually is in foreclosure. If

you are behind in your mortgage payments, you will

receive a delinquency notice from the lender. These letters notify you of your delinquency and give you a

chance to resolve the debt. If you receive a Notice of

Trustee’s Sale, or similar document, your home is in

foreclosure, and you need to respond accordingly.

Q Ask your lender about renegotiating or refinancing your

loan or working out a payment plan. Be honest about

your financial situation. The sooner you contact your

lender, the sooner you may be able to remedy the problem. The federal bank, thrift and credit union regulatory agencies are encouraging financial institutions to

work with homeowners who are unable to make mortgage payments. The regulators also have advised financial institutions to consider working with reputable consumer advocacy entities to help financially stressed borrowers avoid predatory foreclosure rescue scams.

Q Familiarize yourself with state foreclosure laws. It’s

important to know how much time you have to resolve

the issue, including when you would forfeit legal ownership of your home. 

Q An individual or a company, armed with this information, contacts the homeowner, offering to lend money to

“stop foreclosure” or “save your house.” These businesses often refer to themselves as foreclosure consultants or foreclosure rescue specialists. Initial contact

may occur by telephone, personal visit, or card/flyer left

at the home, and often consists of a simple yet powerful

message such as “Stop foreclosure with just one phone

call,” “I’d like to $buy$ your house,” “You have options,”

or “Do you need instant debt relief and cash?”

The Department of Justice’s U.S. Trustee Program

outlines a few red flags that homeowners should keep

in mind if they are falling behind on their mortgage

payments or facing foreclosure.

Q Be suspicious of any person or company that calls

itself a foreclosure consultant, foreclosure service,

or similar designation.

Q Be wary of high-pressure marketing techniques.

This includes the use of flyers or door-to-door

solicitations. 

Q Proceed with care if an individual or company

attempts to collect fee(s) before providing services

to you, or instructs you to make your mortgage

payments directly to the individual/company.

Q Be suspicious of offers to take title to your home

and lease it back to you, with the promise that you

can buy it back over time. 

Q Avoid promises to “save your credit” or find a

buyer for your home within a specific number of

days. 

Q Never sign a contract or other documents under

pressure. Review all paperwork with a representative of your choosing, preferably a real estate

attorney. 

Q Do not sign documents containing blank lines or

spaces. Unscrupulous parties could add information later without your knowledge or consent.

Q Obtain all terms, conditions, provisions and special arrangements in writing. Make copies of the

paperwork for your records.

Foreclosure Service Scams:

Know the Warning Signs
– 6 –

CommunityLiaison

There are a variety of programs

and products available to assist

the first-time homebuyer, but

it is often difficult for the borrower to

know what is available and how to

access this assistance. Some lenders

have specialized loan staff dedicated

to meeting the needs of low- and moderate-income families and first-time

homebuyers. Those specialists keep

track of available pre-purchase counseling and subsidy programs, loan

products and services geared toward

sustaining housing affordability, and

carefully evaluate each applicant’s

suitability and qualifications for the

product or program. 

Smaller institutions, in particular,

may find it advantageous to access

resources that could enable them to

provide mortgage products and companion financial services at more

affordable terms and pricing, both for

first-time homeowners as well as

existing mortgage holders. The

Federal Home Loan Banks and the

Department of Housing and Urban

Development offer such programs.

[See Helping Customers Buy Their

Homes: A Resource Guide, page 7, and

Helping Customers Keep Their

Homes: Ways to Get Out of Trouble,

page 8.]

Federal Home Loan

Bank Programs for

First-Time

Homebuyers

The Federal Home Loan Bank

(FHLB) System offers its member

institutions, including thrifts, and

their customers, a number of affordable housing resources. The

Affordable Housing Program (AHP)

finances housing for low- and moderate-income families through grants or

Q Contact your attorney, not one referred by the individual

or company that is involved in the foreclosure prevention/agreement. 

Q Contact a government-approved housing counselor. The

Department of Housing and Urban Development

(HUD)’s Web site lists certified counselors by state at

http://www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm.

Contact the Better Business Bureau at www.bbb.org

before entering into any agreements promising homeowner debt relief. Obtain a report on the company and

check with the state attorney general’s office and Real

Estate Commission for a record of complaints and other

adverse actions. 

Q Do not sign a contract under duress. Request time to

review documents. If you do not understand a document’s contents, ask a trusted family member, attorney,

or financial planner to review the documents with you.

Q Do not accept verbal representations. Obtain offers in

writing, and review all written offers thoroughly.

There are legitimate organizations, including nonprofit

consumer groups, which provide services to distressed

homeowners. Reputable foreclosure rescue companies

will work with borrowers who are unable to meet their

mortgage obligations, and assist homeowners in making

mutually satisfactory workout arrangements with their

lenders. (See also Helping Customers Keep Their Homes:

Ways to Get Out of Trouble, page 8) Q

First-Time Homebuyer Programs:

Expanding Access to Affordable Homeownership

Lynn Bedard, Community Affairs Liaison, Southeast Region

deeply discounted loans. Non-profits,

local governments, community development corporations, individuals and

other sponsors seeking AHP funding

may submit an application through a

member institution. Members may use

AHP funds to fund new construction

and the purchase and/or rehabilitation of owner-occupied and rental

housing for low- and moderateincome households. 

AHP funds are available in competitive offerings conducted two times per

year; the next application deadline is

October 1, 2007. Member institutions

submit completed applications electronically to the FHLB via an application on the FHLB Web site. The FHLB

will review, analyze, underwrite, and

score the applications using a 100-

point scoring system. The FHLB has

scoring preferences for projects that

house low-income persons with special needs, are located in rural or

Appalachian areas, or have strong

member participation. 
– 7 –

CommunityLiaison

In addition to the FHLB programs discussed, other

resources are available to assist first-time homebuyers

with their downpayment and closing costs, which can

comprise the biggest challenge to homeownership. Thrift

institutions can, and frequently do, partner with community-based organizations through which eligible purchasers receive financial and technical assistance.

Institutions may receive positive CRA consideration for

supporting these activities. 

On May 8, 2007, The Department of Housing and Urban

Development (HUD) announced that thousands of communities would receive nearly $1.8 billion to promote

HUD’s affordable housing and first-time homebuyers

programs. The American Downpayment Dream Initiative

(ADDI) is administered by state and local participating

jurisdictions as part of the HOME Investment

Partnership Act Program. HUD allocates ADDI funds to

participating jurisdictions to assist low-income families

become first-time homebuyers. The ADDI funds subsidize downpayments, closing costs, and rehabilitation

expenses associated with a home purchase by first-time

homebuyers.

HUD-Sponsored Homeownership

Counseling Programs

Although HUD does not require housing counseling for

first-time homebuyers who receive ADDI assistance, the

agency strongly encourages pre-purchase housing education. HUD also sponsors housing counseling agencies

throughout the country that can provide advice to lowand moderate-income persons on buying a home, avoiding defaults, preventing foreclosures, and other creditrelated topics. See http://www.hud.gov/offices/hsg/

sfh/hcc/hcs.cfm for a listing of HUD-approved housing

counseling agencies. The toll-free number for HUD housing counseling information is 1-800-569-4287. 

There are provisions under the Homeownership

Counseling Act that require financial institutions to provide notification to homeowners of the availability of

HUD-approved housing counseling programs. The provisions apply to homeowners who are delinquent in making their mortgage payments, not first-time homebuyers.

[See also Helping Customers Keep Their Homes: Ways to

Get Out of Trouble, page 8]

Related HUD Homebuyer Assistance

The HUD Web site contains frequently asked questions

from first-time homebuyers covering typical costs, mortgage financing options, and ways to find a lender. Refer

to http://www.hud.gov/buying/comq.cfm. The site also

contains a step-by-step guide to buying a home. See

http://www.hud.gov/buying/index.cfm for more information.

Helping Customers Buy Their Homes: A Resource Guide

Every FHLB has a product(s) targeted for down payment assistance to

low- and moderate-income, first-time

homebuyers, although product

requirements vary among the FHLBs.

The descriptions of the FHLB homebuyer programs that follow provide

basic information about the products.

Each of the programs requires the

borrower’s income to be equal to, or

less than, 80% of the area median

family income, and requires the member bank or thrift to be the mortgage

lender. Contact information for each

of the banks is provided in the FHLB

resource directory on page 11. Please

note that some of the programs do not

require that the purchaser be a firsttime homebuyer. 

FHLB Atlanta — First-Time

Homebuyer Program

Member institutions may use these

funds for down payment and closing

cost assistance. The maximum award

per household is $10,000 and the

required match is five to one, which

allows the homebuyer to access the

$10,000 subsidy using $2,000 of

his/her own funds. Funds may be

used to purchase any type of home,

including detached single-family residences, condominiums, and manufactured housing. Members institutions

may request up to $400,000 of assistance during each annual offering

cycle. 

FHLB Boston — Equity

Builder Program (EBP)

The EBP offers grants to member

institutions that provide down payments, closing costs, homebuyer counseling and rehabilitation assistance to

eligible homebuyers. Members also

may use EBP grants to match eligible

homebuyers’ savings under an

Individual Development Account

(IDA) program. The members’ homebuyers’ programs must meet EBP eligibility requirements set forth in the

EBP Manual, available February 1,

2007. 

FHLB Chicago —

This bank offers two programs to

low- and moderate-income homebuyers: 
– 8 –

Downpayment Plus® Program

(DPP®). Member institutions may

access subsidies of up to $5,000 per

household on behalf of eligible homebuyers to whom they are providing

first mortgages. Member thrifts may

use the subsidies for down payment

and closing cost assistance, homebuyer counseling, and/or rehabilitation

costs associated with a home purchase. Each member may access up to

$100,000 in DPP funds during 2007. 

Downpayment Plus Advantage®

Program (DPP Advantage®). This

program is designed to assist households participating in homeownership

programs offered by non-profit organizations that provide mortgage

financing directly to the homebuyer.

CommunityLiaison

The organizations must partner with a

FHLB Chicago member institution to

access the DPP Advantage program.

There is a maximum subsidy of

$5,000 per eligible household.

Eligible uses of the funds are the same

as those for the DPP. 

FHLB Cincinnati — The

Welcome Home Program is a

set-aside of AHP funds

The program is designed to help

members serve low- and moderateincome homebuyers through down

payment and closing cost assistance.

The maximum subsidy is $5,000 per

homebuyer based on documented

need. Eligible homebuyers must contribute at least $500 of their own

funds, unless they are disabled. 

FHLB Dallas — HELP program

The HELP program provides matching funds for the down payment and

closing costs of eligible first-time

homebuyers. FHLB Dallas has set

aside $1,000,000 for its 2007 HELP

program from its AHP funds. The

maximum HELP award per eligible

household is $6,000; no member institution may receive more than $50,000

during an annual offering cycle.

FHLB Des Moines — Urban

First-Time Homebuyer Fund

Effective September 2007, the FHLB

Des Moines will allocate AHP funds to

provide down payment, closing cost,

HUD’s mission is to promote — and preserve — homeownership throughout the country. The expansion of

mortgage lending in the subprime market has led to

recent spikes in mortgage loan delinquencies and the

number of homes facing foreclosure, which pose significant challenges to sustaining homeownership efforts.

HUD makes a variety of resources available to assist

homeowners in financial distress. 

Delinquency intervention and foreclosure prevention

activities support the mission of helping consumers reach

for — and hold on to — the dream of owning their own

home. In addition to HUD assistance, a range of

resources exists outside the agency. The list that follows

is a representative sample.

Loss Mitigation

The Federal Housing Administration (FHA) has a Loss

Mitigation program that uses tools such as special forbearance, loan modification, and partial claim.

According to FHA statistics, 89 percent of all borrowers

who received loss mitigation in 2004 still had active

loans in 2006. In 2006, a combination of loss mitigation

and housing counseling programs assisted more than 1.6

million households through education and foreclosure

prevention. Refer to http://www.hud.gov/offices/hsg/

sfh/nsc/nschome.cfm for more information on the FHA’s

Loss Mitigation program.

The Homeownership Counseling Act 

As the adage says, knowledge is power, and housing

counseling is the most cost-effective way to equip people

with the information needed to obtain mortgage loans

with terms that fit their needs. Of the more than 2,300

HUD-approved housing counseling agencies operating

nationwide, more than 1,800 provide default and foreclosure prevention counseling. The result: 92.5 percent

of participating households that received HUD-funded

default and/or foreclosure prevention counseling during

FY 2006 successfully avoided foreclosure.

Under the Homeownership Counseling Act, creditors —

defined as those that service loans secured by a mortgage

or lien on a single-family residence —must provide notification of the availability of homeownership counseling

to an eligible homeowner who fails to pay any amount by

the due date under the terms of the home loan. Home

loans include conventional mortgage loans and loans

insured by HUD.

The notice must provide a list of HUD-approved nonprofit homeownership counseling organizations or the

toll-free number HUD has established through which this

list may be obtained. (See Helping Customers Buy Their

Homes: A Resource Guide, page 7 .) The creditor must

give notice to the delinquent homeowner no later than 45

days after the date on which the borrower becomes delinHelping Customers Keep Their Homes: Ways to Get Out of

Trouble
– 9 –

CommunityLiaison

counseling or rehabilitation assistance

to eligible first-time homebuyers that

are purchasing owner-occupied units

in urban locations. First-time homebuyers may receive up to $5,000.

Rural Homeownership Fund. The

FHLB allocates funds to provide down

payment, closing cost, counseling or

rehabilitation assistance to eligible

households purchasing owner-occupied units in rural locations. The

Rural Homeownership Fund is available to eligible first-time and other

homebuyers. First-time homebuyers

may receive up to the maximum

amount of $5,000; other homebuyers

may receive a maximum amount of

$2,500.

FHLB Indianapolis — The

Homeownership Opportunities

Program (HOP)

The program provides up to $5,000 in

down payment and closing cost assistance to eligible first-time homebuyers. HOP will match a homeowner’s

funds on a three-to-one ratio. Each

member, however, can offer homebuyers a smaller matching ratio; for

example, two-to-one, if it chooses to

do so.

At least $500 of the money HOP

matches must come from the homebuyer’s own savings, but the FHLB

will also match funds obtained from

other sources, including other grants

and gifts.

FHLB New York — First

Home Club (FHC)

The FHC offers an incentive for

households, with incomes at or below

80% of area median income, to save

toward the purchase of a new home.

The FHC provides down payment and

closing cost assistance by granting

quent. If, within the 45-day period, the borrower brings

the loan current again, no notification is required.

Refer to http://www.hud.gov/offices/hsg/sfh/hcc/hccpr

of13.cfm for further information.

Fannie Mae and Freddie Mac

Products and Services

Both Fannie Mae and Freddie Mac require lenders to

pursue workout strategies with borrowers experiencing

financial hardship and delinquencies. Fannie Mae has

developed an eight-pronged responsible lending strategy

that encompasses homeownership counseling and the use

of alternative mortgage options for consumers with

impaired credit profiles. 

See http://www.fanniemae.com/initiatives/lending/

index.jhtml?p=Initiatives&s=Expanding+Responsible+L

ending for details.

In addition, Fannie Mae has announced that it will offer

a new program called “HomeStay,” which provides

options to lenders to help borrowers refinance their highinterest adjustable-rate mortgages into more affordable

loans. 

Freddie Mac is expanding its Don’t Borrow Trouble campaign to communities nationwide. The program combines education and counseling services to help homeowners avoid lending practices that strip away their

home’s equity. Refer to http://www.dontborrowtrouble

.com for more information.

Freddie Mac also plans to develop more affordable subprime products that will provide financing alternatives to

consumers. Fannie Mae and Freddie Mac are expected to

unveil their new programs in summer 2007.

NeighborWorks® America, a consumer advocacy organization with local chapters across the country, is launching a foreclosure prevention public service campaign in

June 2007 developed in partnership with the Ad Council.

According to a survey the group conducted, many homeowners do not know that lenders also want to avoid foreclosure. 

The campaign is a national effort to encourage financially distressed homeowners to seek assistance from the

housing counseling hotline at 1-888-995-HOPE. Hotline

callers will receive telephone assistance from certified

counselors through the Homeownership Preservation

Foundation’s network and will be referred to local

NeighborWorks® organizations for in-person support.

Fannie Mae also has committed $5 million over the next

two years to NeighborWorks® national foreclosure program. The Homeownership Preservation Foundation will

receive $3.25 million to support telephone counseling

and capitalize a resource pool that will reimburse

NeighborWorks® organizations and their nonprofit partners for each “save,” or favorable foreclosure prevention

outcome for the homeowner. NeighborWorks ®America

will receive $1.75 million to support local capacitybuilding efforts targeted to foreclosure task forces and

coalitions and the nationwide Ad Council campaign.

Helping Customers Keep Their Homes: Ways to Get Out of

Trouble — continued
– 10 –

CommunityLiaison

three dollars in matching funds - up to

a maximum of $5,000 - for each dollar saved in a dedicated account. The

account is earmarked for use by an

eligible first-time homebuyer who

purchases a home through a member

institution. Each prospective purchaser must complete an approved classroom-based homebuyer and financial

literacy education course. At closing,

the homebuyer will enter into a fiveyear subordinated mortgage with the

member institution in the amount of

the funds provided.

FHLB Pittsburgh — First

Front Door

Qualified first-time homebuyers may

receive up to $5,000 for down payment assistance and closing costs. The

FHLB will match the homebuyer’s

contribution in a three-to-one ratio,

based on the homebuyer’s need.

Qualified homebuyers may use First

Front Door grants to purchase owneroccupied homes, including singlefamily houses, townhomes, duplexes,

condominiums and modular units.

FHLB San Francisco —

Individual Development and

Empowerment Account (IDEA)

Through the program, the FHLB provides matching subsidies to lowerincome households saving to buy a

home. Participating households must

be enrolled in an Individual

Development Account (IDA) program

or participate in a Family SelfSufficiency (FSS) program through

their local public housing authority.

Participating households must save

for a minimum of ten months, successfully complete a homebuyer-counseling program, find a home, and

qualify for a mortgage. The Bank provides up to $15,000 in IDEA funds,

matching up to three dollars for every

dollar saved by the homebuyer. The

subsidy must be used to reduce down

payment or closing costs in connection

with the purchase of the homebuyer’s

primary residence.

The Workforce Initiative Subsidy for

Homeownership (WISH) program.

The WISH program is designed to help

people living in high-cost areas to purchase homes near their place of work.

Homebuyers must contribute at least

1 percent of the purchase price of the

home from their own funds. The

FHLB may provide a maximum of

$15,000 per household, matching up

to three dollars for every dollar contributed by the qualified homeowner. 

FHLB Seattle — HomeStart

HomeStart promotes homeownership

by helping eligible first-time homebuyers purchase an owner-occupied

housing unit, including a condominium or cooperative housing unit, which

is used as the household’s primary residence. The HomeStart program provides three dollars for every one dollar

a family contributes, up to $5,000.

The HomeStart Plus program provides households receiving public

housing assistance with two dollars for

every one dollar the household contributes, up to $10,000.

Members may use HomeStart grants

for down payments, closing costs or

rehabilitation expenses, and may

combine the grants with other funds. 

FHLB Topeka — Targeted

Ownership Program (TOP)

Member institutions may use the program to help disabled first-time

homebuyers, or first-time homebuyers

with a disabled member of the household, to purchase a home. The maximum subsidy per eligible household

available in 2007 is $4,000. Eligible

homebuyers must provide a minimum

down payment of $500. 

Rural First-Time Homebuyer Program

(RFHP). Member institutions may use

RFHP funds to assist first-time homebuyers in rural areas. Eligible homebuyers may use the RFHP funds for

down payments, closing costs and

rehabilitation assistance. The homebuyer must provide a minimum down

payment of $500. The maximum

RFHP subsidy per household in 2007

is $4,000.

Although the process required of

member financial institutions to make

use of these products and programs

may be time-intensive, the effort can

help families acquire — and maintain

— an affordable home without having

to struggle to make their mortgage

payments. Moreover, participation in

FHLB programs may enable the

member institution to meet its CRArelated goals, which could represent

an important incentive to thrifts, both

large and small Q

Each of the programs

requires the borrower’s

income to be equal to, or

less than, 80% of the area

median family income,

and requires the member

bank or thrift to be the

mortgage lender. Contact

information for each of the

banks is provided in the

FHLB resource directory
– 11 –

CommunityLiaison

FHLB Atlanta

First-Time Homebuyer Program.

Contact Deborah Miller at 800-536-9650, ext. 8451.

FHLB Boston

Equity Builder Program (EBP)

Contact Paulette Vass at 888-424-3863, or see

www.fhlbboston.com.

FHLB Chicago

Downpayment Plus® Program (DPP®)

Downpayment Plus Advantage® Program (DPP

Advantage®)

Contact the following Program Administrators: in

Illinois, the Illinois League of Financial Institutions,

1-800-237-1936, www.ilfi.org; in Wisconsin,

Wisconsin Partnership for Housing Development,

608-258-5560, www.wphd.org.

FHLB Cincinnati

The Welcome Home Program

Contact Carol Peterson at 513-852-7615, or see

www.fhlbcin.com.

FHLB Dallas

HELP Program.

Contact an FHLB Dallas Affordable Housing Analyst

at 800-362-2944, or see www.fhlb.com.

FHLB Des Moines

Urban First-Time Homebuyer Fund

Contact Vince Lintz at 800-544-3452, ext. 1198, or

see www.fhlbdm.com.

FHLB Indianapolis

The Homeownership Opportunities Program (HOP)

Contact Ronna Edwards at 317-465-0369 or see

www.fhlbi.com.

FHLB New York

First Home Club (FHC)

Contact FHLB New York Community Investment

Operations at 212-441-6850 or see www.fhlbny.com.

FHLB Pittsburgh

First Front Door

Contact the FHLB Pittsburgh Community

Investment Department at 800-288-3400, ext. 826,

or see www.fhlb-pgh.com. 

FHLB San Francisco

Individual Development and Empowerment Account

(IDEA) Program

The Workforce Initiative Subsidy for Homeownership

(WISH) Program

Contact FHLB San Francisco Community

Investment at 415-616-2542, or see www.fhlbsf.com. 

FHLB Seattle

HomeStart

Contact Kimberly Strahm at 206-340-8741, or see

www.fhlbsea.com.

FHLB Topeka

Targeted Ownership Program (TOP)

Rural First-Time Homebuyer Program (RFHP)

Contact Utika Scales at 866-571-8155 or see

www.fhlbtopeka.com.

FHLB Resources That Promote Affordable Homeownership

The following list provides contact information for the first-time homebuyer programs offered by each of the FHLBs.

The FHLB Web sites provide detailed descriptions of these programs, and other programs and resources available to

member thrift institutions to assist first-time purchasers and other eligible borrowers.
– 12 –

CommunityLiaison

Hurricane Katrina made landfall east of New

Orleans, Louisiana on August 29, 2005.

Approximately one month later, Hurricane Rita

battered Louisiana and Texas. The storms’ impacts covered

90,000 square miles. The two hurricanes caused approximately $67 billion in damage to housing in the Gulf Coast

region. The Department of Housing and Urban

Development (HUD) estimates that the storms were responsible for major or severe damage to 265,000 homes and

apartments in Louisiana and Mississippi. Approximately 44

percent of the damaged housing was occupied by families

with “very low incomes,” or incomes at or below $25,000

per year.

Roughly 80 percent of New Orleans was flooded. One and a

half million people were directly affected, and over 800,000

persons were forced to

live outside their homes.

Pre-Katrina, New

Orleans had 215,000

housing units, 188,251

of which were occupied.

More than 70 percent of

the occupied units —

134,344 units — sustained reportable damage, and 105,155 of

them were severely damaged. Residential damage in New Orleans

totaled $14 billion, and

more than 200,000 New

Orleanians were displaced. 

The region, particularly

New Orleans, is still recovering from the tragedy. New

Orleans Mayor C. Ray Nagin, in testimony delivered before

the House Subcommittee on Housing and Community

Opportunity on February 22, 2007, estimated that New

Orleans sustained 57 percent of the damage in Louisiana.

The damage to New Orleans from water infiltration was

extensive, but just as harmful to the infrastructure was the

damage resulting from the weight of the water. Simply stated, portions of the city collapsed, with entire areas pushed

even further below sea level, damaging hundreds of miles of

underground utilities, including electric, gas, water,

drainage, cable and phone lines.

Housing recovery: how financial institutions can help

How does one measure progress when discussing the Gulf

Coast recovery efforts? Governmental entities typically

measure progress by the amount of money allocated and

spent, coupled with highlights about what they

repaired and replaced,

and how many people

benefited. As of January

16, 2007, Katrina-related government expenditures for housing and

related needs in the states

of Louisiana, Mississippi

and Alabama were

approximately $6.3 billion. Katrina-related

spending for public assistance in these three

states, as of January 16,

2007, totaled approximately $5.4 billion.1

Private and nonprofit

resources are integral to Gulf Coast housing recovery

efforts. The federal banking agencies (FBAs) have issued

guidance to financial institutions to encourage them to provide financial and related support to the Gulf Coast region.

The revised Community Reinvestment Act (CRA) regulaRebuilding Housing After Hurricanes

Katrina and Rita:

Traveling Along the Road Home

Aaron Satterthwaite, Community Affairs Liaison, Midwest Region

Contributions by Clifford Eugene & Danny Brasseaux 

1"Public assistance" comprises debris removal, which is expected to top 122 million cubic yards, and repairs to roads, bridges, and public buildings. In addition, as of December 8, 2006, the National Flood Insurance Program reportedly paid out approximately $16.1 billion in closed claims for Katrina-related losses in the states of Alabama, Florida, Mississippi, and Louisiana. Other costs incurred have

included restoring energy and water, communications and improving the environment; reopening ports; and providing agricultural support, health care, and social services.
– 13 –

CommunityLiaison

Affordable housing has special significance in storm-ravaged Louisiana. After Hurricane Katrina, representatives

from local Catholic organizations combined their

resources and experience to help address the critical need

for affordable housing and related support services in

southern Louisiana. The mission of the newly formed

Providence Community Housing (Providence), an independent 501(c)(3) organization, is to foster healthy,

diverse and vibrant communities of choice. Providence

develops affordable, mixed-income housing, operates

support services, and advocates employment opportunities for individuals, families, senior citizens, and people

with special needs. 

The five-year goal is to restore, rebuild and/or develop

approximately 6,500 units of housing, both single-family homes and apartments. Enterprise Community

Partners — formerly the Enterprise Foundation — is

providing financial and technical support, part of its

$200 million commitment to develop 10,000 affordable

homes in the Gulf Coast region.

Providence has created a partnership with the AFL-CIO

Investment Trust Corporation (ITC) to develop the

Treme/Lafitte and Tulane/Gravier communities in New

Orleans, which are considered by many to be pivotal to

the city's renaissance. In August 2006, the city awarded

the partnership 196 properties, envisioned as the first

step in a $35 million comprehensive plan by ITC to

rebuild and revitalize communities across the city. In

order to encourage diverse growth, Providence and ITC

will construct mixed-income development. The planners

are inviting residents to participate in the redevelopment

efforts.

Other groups partnering with Providence and ITC on the

Treme/Lafitte and Tulane/Gravier redevelopment project

include the AFL-CIO Building and Construction Trades

Department, NeighborWorks America®, Tulane

University School of Architecture, MIT School of

Architecture and Planning, the University of Nebraska,

Christopher Homes and Reconcile New Orleans. The

AFL-CIO also plans to establish a manufacturing plant

in the area to produce modular housing for Gulf Coast

families that meets standards for architectural compatibility and energy efficiency, and resists storm damage.

Out of the Rubble: A Community Collaboration

tions, which were published in August 2005, expanded the

definition of “community development” to include activities of financial institutions that revitalize or stabilize designated disaster areas.2 The OTS recently adopted the

revised CRA regulations; consequently, thrift institutions

may receive positive CRA consideration for various activities, including housing-related activities, which benefit hurricane-impacted areas in the Gulf Coast.

The FBAs’ guidance also addresses those financial institutions affected by Hurricane Katrina. In fact, the OTS’

Midwest region had 20 institutions directly affected by the

hurricanes. Hurricane Katrina caused the more profound

impact, closing the main office and/or branches of 14

thrifts for an extended period. The flooding of New Orleans

and neighboring Jefferson Parish and the mandatory evacuation that resulted forced the 12 thrifts located in these

areas to operate away from their main offices and branches

for up to five months. Some thrift branches remain closed

because the neighborhoods around them are still sparsely

populated.3

Finding the road home: challenges and responses

Since the damage in the Gulf Coast region was so vast, both

from a geographic and economic perspective, it may be

more encouraging to measure relief on a smaller — and

more human — scale. Any seemingly modest recovery effort

is a major step toward restoring the region to its preKatrina condition. Individuals, neighborhood groups, and

partnerships formed between nonprofit and for-profit organizations are spearheading initiatives to construct affordable housing and improve their environment, be it individual, local or regional. [See Out of the Rubble: A Community

Collaboration, above.]

Getting back into one’s home is no easy task, either. A limited contractor workforce has caused delays in cleaning and

repairing the housing stock. There also is a shortage of supplies and materials for contractors. In addition, once the

house is repaired and ready for occupancy, the homeowner

2Refer also to Interagency Questions and Answers Regarding Community Reinvestment, published March 10, 2006. This guidance is found

at the Federal Financial Institutions Examination Council’s Web site at http://www.ffiec.gov/cra/qnadoc.htm.

3The FFIEC’s Web site also contains guidance for financial institutions in response to Hurricanes Katrina and Rita. Refer to

http://www.ffiec.gov/katrina.htm for additional information.
– 14 –

CommunityLiaison

typically waits additional time for the city to inspect the

home in order to receive a certificate of occupancy.

Moreover, those who exploit misfortune for their own gain

are perpetrating home repair contractor and insurance

scams on homeowners. [See Helping Homeowners on the

Road Home: Disaster Relief Resources, above.]

Many insurance companies have stopped writing policies in

Louisiana, or are charging exorbitantly higher rates than

before the storm. The lack of, and high costs associated

with, homeowner’s insurance, together with the unwillingness of some insurance companies to include wind damage

in homeowner’s coverage, may have a negative impact on

property values and make homeownership difficult, particularly for low - and moderate - income families. Escalating

costs, and the affordability and/or unavailability of hazard

insurance coverage, raise daunting issues for residents in

the Gulf Coast states.

Mississippi has recently reorganized the state’s wind insurance pool, which underwrites residential and commercial

policies for wind damage along the coast, because so few

commercial companies will write new policies. Government

subsidies in Mississippi have helped hold post-Katrina wind

rates for residential owners to $1,353 per $100,000, which

nonetheless represents a 92 percent increase over rates

before the storm.

A recent ABC News poll showed that nearly two-thirds of

people across the Gulf Coast region say efforts expended in

the hurricanes’ aftermath strengthened their trust in their

fellow man to lend a hand. In a fundamental sense, progress

cannot be measured merely by dollars spent or cubic tons of

debris removed. Renewing their commitment to community kindles the hope of displaced New Orleanians that one

day they will travel the road home Q

In the months following Hurricanes Katrina and Rita,

various governmental, nonprofit and private resource

providers have targeted financial and related assistance

to the Gulf Coast region. However, contractor home

repair scams and similar abuses, skyrocketing hazard

insurance costs, and mortgage loan delinquencies and

foreclosures have complicated recovery efforts, necessitating measures to address these additional problems.

The following summarizes some of the resources available to help affected homeowners both sustain and

rebuild their homes.

Q HomeHelpExpress

Freddie Mac, together with the Community College

Foundation, 23 Gulf Coast nonprofit community

groups, and NeighborWorks® America, launched a

mobile information and technology center to provide

assistance to Louisiana and Mississippi homeowners

on a broad array of personal financial issues. Two

buses travel to over 160 locations throughout both

states. Visitors can speak with housing counselors and

access online resources to aid them in the rebuilding

process. Topics covered include short-and long-term

strategies to stay current with mortgage obligations;

ways to obtain homeowner’s insurance proceeds and

avoid insurance scams; and ways to avoid home

improvement contractor and home title fraud.

See http://www.freddiemac.com/corporate/about/

how_we_help/homehelpexpress/ for more information.

Q Community Development Block Grant Funds

On December 30, 2005, President Bush signed legislation authorizing the Department of Housing and

Urban Development (HUD) to provide $11.5 billion

in Community Development Block Grant (CDBG)

disaster supplemental funding to areas damaged by

Hurricanes Katrina, Rita, and Wilma. The affected

states are making grants to eligible homeowners to

defray the costs of raising homes to meet new elevation requirements, among other uses. In Louisiana,

approximately $7 billion in CDBG funds are capitalizing the state’s “Road Home” program.

Homeowners should contact their state housing agencies for information on applying for financial assistance. Here is a listing of websites for the following

state housing agencies: Alabama, Florida, Louisiana,

Mississippi, and Texas.

Helping Homeowners on the Road Home: Disaster Relief

Resources
– 15 –

CommunityLiaison

Alabama Housing Finance Authority

www.ahfa.com

Florida Housing Finance Corporation

www.floridahousing.org

Louisiana Housing Finance Agency

www.lhfa.state.la.us

Mississippi Home Corporation

www.mshomecorp.com

Texas Department of Housing and Community Affairs

www.tdhca.state.tx.us

Q Office of Housing/Federal Housing 

Administration

In 2006, the Federal Housing Administration (FHA)

established a moratorium on foreclosure activity so

that borrowers holding FHA-insured loans could

work out satisfactory mortgage payment arrangements with their lenders. FHA extended the foreclosure moratorium for some Mississippi and Louisiana

homeowners whose homes were damaged, but who

had not had the time to apply for financial assistance,

including state-administered CDBG funding. As of

August 2006, more than 4,000 borrowers living in

declared disaster areas, including Alabama, Florida,

Louisiana, Mississippi, and Texas, had benefited from

mortgage assistance or foreclosure relief efforts.

See http://www.hud.gov/news/katrina05response

.cfm for more specific information on disaster-related

HUD resources.

Q The Federal Banking Agencies have issued guidance

to financial institutions to encourage them to provide

financial and related support to the Gulf Coast region.

The Federal Financial Institutions Examination

Council's (FFIEC) Web site contains guidance for

financial institutions in response to Hurricanes

Katrina and Rita. Refer to http://www.ffiec.gov/katrina.htm for additional information.

These resources are directed to residents of Louisiana: 

Q The Louisiana Office of Financial Institutions (OFI)

has encouraged lenders to consider uninsured losses,

extended periods of unemployment, and other extraordinary storm-related expenses when discussing

mortgage payment plans with affected borrowers.

Consumers may contact OFI at (888) 525-9414.

Q Consumers in Louisiana should contact the state’s

Licensing Board for Contractors (225-765-2301) for

complaints or disputes involving home improvement

contractors. Refer to the Board’s Web site at

http://www.lslbc.state.la.us for access to a searchable

database. Consumers also may contact the Better

Business Bureau at http://www.bbb.org for complaints filed against contractors.

Q Homeowners in Louisiana can obtain general information on home repairs at http://www.law

help.org/LA and click on the “Housing” section.

Helping Homeowners on the Road Home: Disaster Relief

Resources — continued
– 16 –

CommunityLiaison

Editors Note:

Editor’s Note: This issue marks the reintroduction of the Community Liaison newsletter. Our

thanks to the many contributing writers throughout OTS who have and will continue to make

this a viable and informative publication. Editions of the Community Liaison newsletter are

available online at www.ots.treas.gov