Number
150721
Version
SUBSTITUTE 1
Reference
140901
Sponsor
Ald. Murphy & Bohl
Title
Substitute resolution accepting a donation to the City from Nationstar Mortgage LLC.
Analysis
This resolution authorizes City acceptance of a $500,000 donation to the City under MCO 304- 24 and City entry into an agreement with Nationstar Mortgage, LLC regarding Nationstar’s assistance in Milwaukee.
Body
Whereas, the City of Milwaukee, along with other cities in the United States, is still experiencing impacts of the nation’s mortgage foreclosure crisis, including considerable public expense and negative effects on the City’s tax base; and
Whereas, the City of Milwaukee has been engaged in collaborative, effective, and innovative outcome-oriented solutions to problems generated by mortgage foreclosure, notably vacancy, blight, and tax delinquency and foreclosure; and
Whereas, the City continues to see a demand for home repair and stabilization resources from owners whose properties are underwater, owing more in mortgaged debt than the market value of their property; and
Whereas, the Mayor and Common Council have enacted a range of programs to prevent blight and tax delinquency, including Milwaukee’s STRONG Homes Loan Program to assist those Milwaukee homeowners who are current on their mortgages but unable to access equity or unsecured credit to repair and maintain major components of their homes; and
Whereas, Nationstar, based in Dallas, Texas, is a mortgage loan servicing company which sends monthly billing statements, receives payments, and handles other administrative work for institutions that own mortgage loans or securities primarily secured by mortgages on single-family residences; and
Whereas, Nationstar has 2.4 million customers nationwide and approximately 3,500 customers in the City of Milwaukee, 86% of whom are current on their mortgage, and approximately 150 of whom are in or eligible for foreclosure; and
Whereas, Nationstar, Mayor Barrett, and Common C...
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