Mayor’s Office of Communications
55 Trinity Avenue, Suite 2500 • Atlanta, Georgia 30303
FOR IMMEDIATE RELEASE: 08/28/12
City of Atlanta and Obama Administration Officials Host Housing Refinancing Roundtable
Roundtable outlined mortgage relief plans and shared new federally mandated options to help Atlanta homeowners
ATLANTA –Today, the City of Atlanta, the U.S. Department of Housing and Urban Development (HUD) and the Department of Planning and Community Development hosted the Atlanta Housing Refinancing Roundtable at City Hall. One of the primary goals of the roundtable was to ensure that Atlanta housing counseling agencies voiced their concerns and issues to White House officials.
“As federal lawmakers consider expanding refinancing options to help homeowners avoid foreclosure, we have an opportunity to let Washington know what’s working for City of Atlanta residents,” said Mayor Kasim Reed. “Right now, many homeowners in Atlanta remain behind on their loans. Hosting this housing refinancing roundtable meeting with White House officials is a step in the right direction towards helping borrowers save their homes under new federally mandated options.”
More than a dozen of local housing professionals took part in the roundtable meeting to share success stories, challenges and offer solutions to send to the Obama Administration. In 2009, the Administration launched the Home Affordable Refinance Program. According to White House officials, nearly one million homeowners were able to refinance and save thousands of dollars under the program.
Last year, the Obama Administration unveiled several refinancing options to help homeowners take advantage of historically low interest rates. Proposed federal mandates aimed at speeding the mortgage refinance process, removing barriers and rebuilding equity included the:
• Responsible Homeowner Refinancing Act (S. 3085)
• Expanding Refinancing Opportunities Act (S. 3047)
• Rebuilding Equity Act (S. 2909)
“Any federal mandate that can simplify and shorten the mortgage refinance process is good news for responsible homeowners facing foreclosure at no fault of their own,” said Commissioner James Shelby, Department of Planning and Community Development. “If the Senate decides to act on President Obama’s refinancing proposal we believe that it will have a very positive impact on the housing market.”
HUD officials have conducted several housing refinance roundtable meetings in the Southeast and nationwide to inform city and community leaders about the proposed changes before Congress.
"The City of Atlanta under the strong leadership of Mayor Reed is to be commended for hosting this Refinance Roundtable," said White House senior representative and HUD Southeast Regional Administrator Ed Jennings Jr, " By looking closely at what is available to homeowners to address homeownership preservation and what impediments need to removed helps the Administration better level the playing field for all homeowners."
About the Department of Planning and Community Development:
The mission of the Department of Planning and Community Development is to plan and implement the future by guiding the physical and economic development of the City while enhancing the quality of life for all through a comprehensive range of planning, design review, construction plan approval, and housing preservation and assistance services and programs.
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For more information about the City of Atlanta, please visit http://www.atlantaga.gov or watch City Channel 26. Follow the City of Atlanta on Facebook and Twitter @City_of_Atlanta. Follow Mayor Reed on Facebook and Twitter @Kasim Reed.