Number
151762
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. MURPHY AND BAUMAN
Title
Substitute resolution accepting a contribution to the City of Milwaukee from Ocwen Financial Corporation.
Analysis
This resolution authorizes acceptance of a $225,000 contribution to the City of Milwaukee from Ocwen Financial Corporation to provide support to the City’s STRONG Homes Loan Program.
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, which include vacancy, blight, tax delinquency and foreclosure; and
Whereas, The City of Milwaukee continues to see a demand for home repair and stabilization resources from owners who owe more in mortgaged debt than the market values of their properties; and
Whereas, The Mayor and the Common Council have enacted programs, such as Milwaukee’s STRONG Homes Loan Program, to prevent blight and tax delinquency and to assist 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, Ocwen Financial Corporation is a mortgage loan servicing company, based in West Palm Beach, Florida, which sends monthly billing statements, receives payments, and handles other administrative work for institutions that own mortgage loans primarily secured by mortgages on single-family residences; and
Whereas, Ocwen Financial Corporation has 1.6 million customers nationwide, with approximately 4,100 customers located in the City of Milwaukee (80% of whom are current on their mortgages, and approximately 150 of whom are in or eligible for foreclosure); and
Whereas, Ocwen Financial Corporatio...
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