(Washington, DC) — Home foreclosures have continued to rise in the first quarter of 2008, according to several published reports. In the District of Columbia, there have been 329 actual foreclosures for the first half of fiscal year 2008, which is more than the 281 recorded for the entire fiscal year 2007.
According to the Fourth Quarter 2007 National Delinquency Survey from the Mortgage Bankers Association, the survey shows that for the fourth quarter of 2007, the District’s seriously delinquent rate continued to rise. There were 94,969 loans serviced in the District of Columbia. Of that, 1,960 (2.07 percent) were seriously delinquent. These numbers are cause for concern.
“We are worried about District residents who have succumbed to this crisis,” said DISB Commissioner Thomas E. Hampton. “As the District’s regulator of financial institutions, we believe it is important to inform and empower residents to take control of their personal finances and protect themselves from unfair and abusive practices.”
To assist consumers, the DC Department of Insurance, Securities and Banking (DISB) will host a series of public forums on subprime lending and preventing mortgage defaults around the District of Columbia. DISB will also have mortgage experts to answer attendees’ difficult questions.
Foreclosure can be Prevented: A Public Forum on Subprime Lending and Mortgage Default Prevention is a series of educational forums that will address the subprime lending and mortgage default issue around the city. Attendees will learn how identify and avoid bad loans and learn about better options for financing mortgage loans and refinancing current loans. The forums will be held at the following locations:
Ward 7 Public Forum—Saturday, May 17, 2008, 11 am — 1 pm*
Holy Christian Missionary Baptist Church
5110 Nannie Helen Burroughs Avenue, NE
A forum on Subprime Lending and Mortgage Default Prevention.
Ward 4 Public Forum—Saturday, May 31, 2008, 11 am — 1 pm*
Emery United Methodist Church, Beacon of Light, Inc.
6100 Georgia Avenue, NW
A forum on Subprime Lending and Mortgage Default Prevention.
Ward 5 Public Forum—Saturday, June 7, 2008, 11 am — 1 pm*
Trinity University, O'Connell Hall
125 Michigan Avenue, NE
A forum on Subprime Lending and Mortgage Default Prevention.