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File #: 151762    Version:
Type: Resolution Status: Passed
File created: 3/29/2016 In control: COMMON COUNCIL
On agenda: Final action: 4/15/2016
Effective date:    
Title: Substitute resolution accepting a contribution to the City of Milwaukee from Ocwen Financial Corporation.
Sponsors: ALD. MURPHY, ALD. BAUMAN
Indexes: GIFTS
Attachments: 1. Ocwen Letter Agreement Final, 2. Hearing Notice List
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
4/26/20161 MAYOR SIGNED   Action details Meeting details Not available
4/15/20161 COMMON COUNCIL ADOPTEDPass14:0 Action details Meeting details Video Video
4/7/20161 FINANCE & PERSONNEL COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Individuals appearing: Mario Higgins, Mayor's Office Ald. Michael Murphy, Common Council President & 10th Aldermanic District
Pass4:0 Action details Meeting details Video Video
4/4/20161 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
4/4/20161 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
3/30/20161 CITY CLERK DRAFT SUBMITTED   Action details Meeting details Not available
3/29/20160 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available
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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