Home Must Reads Anti-foreclosure program struggles

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

College Conundrum

October 2014
Thursday, September 25, 2014
BY KIM MOORE

University and college tuition fees have been rising for more than a decade, while state funds for higher education have steadily declined.


Read more...

Books Rule

October 2014
Thursday, September 25, 2014
BY JON BELL

Powell's stays relevant in the digital age.


Read more...

Shipping News

September 2014
Tuesday, August 26, 2014
BY JENNIFER MARGULIS

In 2012 The Dalles, a city of some 14,400 located 75 miles east of Portland and often seen as the poor cousin to adjacent Hood River, completed a massive project to revitalize its dock.


Read more...

Tight and Loose

September 2014
Wednesday, August 27, 2014
BY JENNIFER MARGULIS

As schools implement more rigorous academic standards, holistic and flexible approaches to K-12 education flourish.


Read more...

Two Sides of the Coin

Contributed Blogs
Friday, September 26, 2014
0926 iphone6-thumbBY JASON NORRIS | GUEST BLOGGER

This post focuses on the recent release of the new Apple iPhone as well as Alibaba's IPO, the largest U.S. IPO in history.


Read more...

Fork & Bottle

October 2014
Thursday, September 25, 2014

National media can’t get enough of Oregon’s pinot noir, artisan-food purveyors and lively, independent film scene.


Read more...

The Alchemist

September 2014
Tuesday, August 26, 2014
BY LINDA BAKER

David Howitt explains why Portland consumer brands like Stumptown and Voodoo Doughnuts are taking the world by storm.


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