Anti-foreclosure program struggles

| Print |  Email
Must Reads
Monday, May 14, 2012

A state program to help homeowners avoid foreclosure with more than $220M in federal funds has struggled through mistakes and a slow start.

The Oregon Homeownership Stabilization Initiative awarded more than $1.7 million to 242 homeowners it later determined did not qualify for the program. The state made no effort to recover the money and has written it off, a review by The Oregonian shows.

Elsewhere, the program has paid $750,000 to a private company headed by former Portland City Commissioner Erik Sten to craft a refinancing program for homeowners who owe more on their mortgage than their home is worth. While the program shows promise, after more than a year of work, Sten's company has refinanced 11 mortgages.

"It's been a pretty big learning curve," said Margaret Van Vliet, director of Oregon Housing and Community Services, which oversees the anti-foreclosure program. "We didn't have the staff or the systems in place. It was a pretty ugly set of circumstances that overwhelmed the agency."

Read more at OregonLive.com.

{biztweet}foreclosure oregon{/biztweet}

 

More Articles

Reader Input: Fair Play

May 2015
Wednesday, July 15, 2015

Former Governor John Kitzhaber's resignation in February prompted some soul searching in this state about ethical behavior in industry and government.


Read more...

5 questions for ImpactFlow CEO Tyler Foreman

The Latest
Thursday, August 13, 2015
impactflowthumbBY JACOB PALMER | DIGITAL NEWS EDITOR

Portland-based startup ImpactFlow recently announced a $5.7 million funding round. CEO and co-founder Tyler Foreman talks about matching businesses with nonprofits, his time at Intel and the changing face of philanthropy.


Read more...

Money Troubles

September 2015
Thursday, August 20, 2015
BY DAN COOK

The state’s angel investing fund gets hammered in Salem.


Read more...

Is there life beyond Reed?

September 2015
Wednesday, August 19, 2015
BY GARY THILL | PHOTOS BY JASON E. KAPLAN

A storied institution climbs down from the ivory tower.


Read more...

The Private 150: From Strength to Strength

July/August 2015
Monday, July 13, 2015
BY KIM MOORE

Revenues in Oregon's private, for profit sector maintained solid growth as the economy continued to rebound.


Read more...

Reader Input: Rx for Health Care

July/August 2015
Wednesday, July 15, 2015

We asked readers how Obamacare has impacted their business.


Read more...

Greenpeace (temporarily) prevents Shell oil ship from leaving Portland

The Latest
Thursday, July 30, 2015
hangersBY JASON E. KAPLAN | STAFF PHOTOGRAPHER

Greenpeace activists suspended themselves from the St. John's Bridge in an attempt to prevent a ship from heading to the Arctic.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS