Wells Fargo and U.S. Mayors Form Foreclosure Prevention Alliance
By: Heather Hill Cernoch 06/16/2011
The U.S. Conference of Mayors and Wells Fargo Home Mortgage have joined forces to create a national alliance focused on foreclosure prevention, property disposition, homeownership promotion, and community development.
The three-year initiative will address housing challenges with strategies and outreach initiatives that will involve mayors and their constituents.
The U.S. Conference of Mayors is a nonpartisan organization of cities with populations of 30,000 or more. There are 1,210 such cities in the country today. Each city is represented in the Conference by its chief elected official, the mayor.
“With the challenges facing our nation, it’s important that the private and public sectors work together on options that address each city’s respective needs,” said Tom Cochran, CEO and executive director of the U.S. Conference of Mayors. “Wells Fargo and our members
share a deep-rooted commitment to sustainable homeownership. We’ll do good work together that will benefit our joint communities.”
The alliance’s itinerary includes up to three regional mayoral forums during each year of the partnership, where mayors will exchange information with each other and learn from housing experts about the latest developments in the industry.
Cochran notes that the mayoral group has been actively involved with foreclosure issues for the last several years.
He says their efforts to this point largely have addressed strategies and best practices around the disposition of distressed, vacant, and abandoned property in local communities around the nation.
“This alliance demonstrates just how important Wells Fargo believes it is to connect with our country’s mayors as a resource for what is often their constituents’ and our customers’ most important asset – their homes,” said Mary Coffin, EVP for servicing at Wells Fargo Home Mortgage, the bank’s single-family mortgage arm which is based in Des Moines, Iowa.
“For the U.S. Conference of Mayors, we intend to bring proven technical capabilities and educational materials through our Leading the Way Home effort to help municipalities address the current housing crises in the cities they serve,” Coffin explained.
Leading the Way Home was developed by Wells Fargo to focus on foreclosure prevention, stabilizing communities, and promoting sustainable homeownership through education.