Virginia Foreclosure Task Force
Foreclosures are a critical issue and Virginia needs to stay abreast of the foreclosure situation across the Commonwealth. The initial wave of foreclosures was primarily related to subprime and adjustable rate mortgage lending. However, now the major contributor to foreclosures is unemployment. Governor McDonnell’s Administration is focusing on unemployment through the work of his Jobs Commission.
Housing is also a priority for Governor McDonnell. On April 30, 2010, he issued Executive Order Number 10 outlining the need for a clear and consistent housing policy. Governor McDonnell’s initiative is the first Executive Branch effort to craft a comprehensive, state-level housing policy in Virginia.
As part of this initiative, Terrie Suit, the Governor’s Assistant for Commonwealth Preparedness, was tasked to chair the Virginia Foreclosure Task Force. The task force serves as an advisory group to the Governor, and its findings and results will help inform the work of the Governor’s Housing Policy Initiative. Its charge will be broader than that of the task force created during the previous administration, which was focused primarily on prevention.
Visit the Virginia Foreclosure Task Force website for more information http://www.virginiaforeclosureinfo.com/
Status of Virginia’s Foreclosure Problem
Trend: Virginia’s foreclosure starts rate trails the national rate, and further declined to 42nd lowest in the 2nd Qtr. of 2010—down from a rank of 17 in the 2nd Qtr. of 2008.
In the 2nd Qtr. of 2010, serious delinquencies—the total of 90-day delinquencies plus loans in foreclosure—were still very high, but declined from their peak in the 4th Qtr. of 2009. This reflected the increasing exit of troubled loans from lender portfolios through foreclosure, short sale or deed-in-lieu of foreclosure. These loans had remained for an extended period in loss mitigation—thereby driving up the earlier serious delinquency rate—but were unable to be successfully modified.
About the Task Force
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