LISC San Diego Foreclosure Plan Final Word03 Version1

LISC San Diego-Helping Neighbors Build Communities

San Diego County Mortgage Foreclosure Crisis
2008-2009

Presented to:
Joe Horiye
LISC San Diego

Presented by Trinity Investment Capital
Art Rivera, Vice President
April 2009

April

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Prepared by Trinity Investment Capital April 15, 2009


Table of Contents

I. Executive Summary-San Diego County Mortgage Foreclosure Crisis

A. Overview of Mortgage Crisis

B. Impacts of Crisis

1. Individuals and Families

a. Economic

b. Social

2. Neighborhoods and Community

3. Regional Economy

C. Environment that lead to the Crisis

II. Foreclosure Crisis Strategies

A. Public

B. Private Sector

1. Lending Institutions

2. Local Developers and Investors

a. Hallmark Communities

b. Investors

C. Local Nonprofits

III. Challenges and Gaps to Existing Strategies

IV. Mortgage Foreclosure Program and Services

A. Pre – Foreclosure/Foreclosure Prevention
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B. REO Properties: San Diego NCST Strategy – The First Look Program

Chart A. Pre – Foreclosure/Foreclosure Prevention

Chart B. REO Properties: San Diego NCST Strategy

V. NCST Target Communities

A. Tier I Communities

1. City Heights

2. Logan Heights/ Barrio Logan

B. Tier II Communities

1. Southeastern San Diego

The opinions expressed represent solely the opinions of the author, not those of LISC San Diego or
Local Initiative Support Corporation, or of any of the persons, entities or organizations providing
support to, or affiliated with these entities. The findings and conclusion of this report are solely the
responsibility of the author.

This study was performed with the support of LISC San Diego, with editing and production by Barbara
Hall, Coastal Collaborative Consultants. The Corporation has full rights to use and distribute this
document.

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I. San Diego County Mortgage Foreclosure Crisis
Executive Summary

This paper aims to describe an overview of the foreclosure crisis in San Diego with a
focus on two major elements - the National Stabilization Program and a series of
recommendations that take into account current market factors and long term
affordability via homeownership.

In October 2008, San Diego County ranked as the 6th highest foreclosure rate in the
nation. As of 2009, the nation has experienced an exponential rise in foreclosures
and San Diego currently ranks 23rd in the country. The foreclosure rate for San Diego
is higher than for the state average in general with only San Bernardino and Riverside
counties having greater numbers of foreclosed homes. The 2008 total of 31,099
notices of default (NODs) are a 54 percent increase over 2007. Home foreclosures for
December totaled 1,253, up 20% from the previous month. There were 17,712
foreclosures within San Diego County, a 141% increase over 2007. The trend appears
to be on the upswing as the effects of CA Senate Bill 1137’s have diminished and only
delayed foreclosures temporarily.

San Diego County, which in 2004 ranked as the least affordable housing market in the
country, has dropped to 26th as local prices fell and incomes rose. However, the
National Association of Home Builders reports that 44.6 percent of homes sold from
October through November of 2008 were affordable to households earning the
median income of $72,100. The target areas designated by the San Diego Housing
Commission (SDHC) as Neighborhood Stabilization Program (NSP) areas have census
tracts where 70% to 80% of local resident’s incomes are well below the AMI. These
areas also tend to be the oldest housing stock in the county.

The San Diego region has a number of nonprofit organizations (NPOs) that have
maximized human capital focused on assisting distressed consumers. Among the
most solid is Community HousingWorks (a Community Development Corporation)
which is the largest CDC to dedicate an entire department to foreclosure counseling.

In 2007 CHW released their foreclosure-specific offshoot, Housing Opportunities
Collaborative (HOC), to stand alone as a nonprofit dedicated to assisting foreclosure
distressed homeowners. The HOC is a democratically operated collaborative with
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over 40 members. They represent the best foreclosure activities in the Western US.
Their collaborative structure maximizes resources and has been recognized and
awarded by a number of organizations and elected officials. In addition, the HOC has
been invited to many other jurisdictions to share their business model.

Politically, San Diego has been experiencing budgetary shortfalls and credit issues
long before the current crisis; the 2009 recession has worsened the budget issue. All
political leadership are focused on the budget and has been recently worsened due to
State shortfalls and a HUD request for a multi-million dollar refund of previous years’
CDBG funding that was not properly justified.

Political sentiment and willingness to work on the foreclosure crisis is evident but
the budgets are heavily constrained and many of the critical players are under
increasing budgetary stress and more than half the City Council seats are newly
elected with no significant political leadership experience.

The San Diego City Neighborhood Stabilization Program (NSP) targets specific zip
codes: 92102, 92104, 92105, 92113, 92114 and 92154. These zip codes include
the San Diego neighborhoods known as Barrio Logan, Logan Heights, San Ysidro,
Otay Mesa, City Heights and Southeastern San Diego.

A most glaring gap for the San Diego market is the lack of funding for pre-and-post
foreclosure counseling. In order to stabilize impacted neighborhoods there is a need
outreach to those facing foreclosure and to potential buyers that will own and live in
their purchased homes; driving residential stabilization. Improving outreach,
counseling and HOC “HOME clinics” will increase the ability of workforce and first time
buyers to purchase REO inventory that currently is sold to investors.

Another gap is the lack of access to Real Estate Owned (REO) portfolio data. Investors
are bidding on NSP target area REO properties with multiple offers thus discouraging
owner occupant purchasers. One of the strategies to overcome the access issue is to
work with national REO portfolio owners, Fannie Mae and the National Community
Stabilization Trust to have them consider providing better real time data through a
“first look” program that would give access to NSP transactions before release to the

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general market. The current strategy to circumvent aggressive investors is to assist
owner occupants in buying “short sale” properties.

This report contains a pilot concept recommending an REO real estate brokerage
sales model that sells foreclosed REO property through a local nonprofit acting as the
REO broker. This provides a more equitable opportunity for owner-occupants to
purchase homes in NSP target areas. The model would provide a no cost, long term
solution and help stabilize communities while providing financial support for many of
the services needed by residents.

Other strategies are included in the report but there is a dearth of capital available for
affordable housing in San Diego. As such we offer no firm strategy other than
recommending that a consortium of San Diego stakeholders work to facilitate the
creation of a collaborative enterprise for REO acquisition and disposition. Bringing
together locally capitalized stakeholders could create as investment pool; revolving
loan fund, in the range of $2 to $4 million dollars that could “jump start” a larger
wave of community stabilization investment.

Due to manpower and capital limitations it is recommended that any geographic pilot
activities target City Heights and Logan Heights/Barrio Logan neighborhoods. These
two LMI communities were selected due to their public transportation orientation and
the fully developed community support structures/infrastructure already available in
these communities. They are both ‘live/walk” communities and are recipients of the
local LISC “Neighborhoods First” initiatives.

In the first quarter of 2009 we have seen low-and-moderate neighborhood market
segment heat up as properties are receiving multiple bids, driving up prices. The
trend appears restricted to the LMI market as these homes are seen as profitable by
investors; other sectors are still moving slowly.

Currently, the City Heights market has become a hot market. The CDCs and
stakeholders are experiencing frustrating volatility in the City Heights market. The
frustration appears to be driving early stage discussions for creation of a small,
localized, consortium with revolving fund that will focus on working through the
National Community Stabilization Trust (Trust) to target REO acquisition. The Trust’s

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“First Look” program component is now more appealing than ever as it promises to
offer early access, 15% discounts and real bidding on better real estate opportunities.

This report demonstrates that the San Diego market has enormous human capital
dedicated to the crisis but has little financial capital and agencies are under increasing
budgetary constraints.

Given the tenor of the recessionary economy, resilient thinking and collaborative
actions appear to be the norm into the unpredictable future. LISC leadership could
be the spark that stimulates collaborative neighborhood resources to create local
solutions that will encourage a larger wave of investment.

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A. The Mortgage Crisis Overview

About a third of REO properties are located in low-and-moderate-income (LMI),
mostly minority and immigrant, communities in the City of San Diego, Escondido,
Chula Vista, El Cajon, and Oceanside. Nearly 28% of NODs issued were to
homeowners in these communities. The incidence of foreclosure in the low-and-
moderate-income (LMI) remains at much higher rates than the rest of the County.
The highest rates of foreclosure are impacting LMI neighborhoods. While the
median home price in the County is near $400,000 and prices in the county have
declined on average 30 per cent. We are seeing evidence of plummeting prices in
the Neighborhood Stabilization Program (NSP) target areas where average home
prices are in the 30% to 50% percentiles in LMI areas.

City REOs Loan Amount NODs Loan Amount

City of San Diego 591 $190,256,009 1646 $579,151,629

Escondido 180 $53,127,434 379 $124,754,253

Chula Vista 112 $39,826,378 337 $114,752,862

El Cajon Bostonia 140 $40,572,640 290 $111,377,905

Oceanside 90 $28,031,839 230 $78,044,017

The study also reports that 58% of the REO in LMI income communities are owned
by 10 banks.

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San Diego County Top Institutions with REOs
Institutions REOs Loan Amount
BANK OF AMERICA 14 $ 2,226,470
COUNTRYWIDE 266 $ 86,155,164
AMERICA’S WHOLESALE LENDER 88 $ 29,573,591
Total 368
CHASE HOME MORTGAGE 68 $ 22,789,105
WASHINGTON MUTUAL /CHASE 79 $ 29,368,450
Total 147
UNKNOWN 84 $ 2,054,450
EXECUTIVE 72 $ 23,039,325
DEUTSCHE BANK 59 $ 20,651,065
WELLS FARGO 49 $ 14,481,292
LITTON LOAN SERVICING 48 $ 15,351,623
US BANK 47 $ 16,344,829
AURORA LOAN SERVCING 46 $ 17,698,392
SAXON MORTGAGE 34 $ 11,789,989
Grand Total 954 $ 291,523,745

Source: Bouton and Associates, 2008

B. Impacts of Crisis

3. Individuals and Families

a. Economic

Greater challenges to economic self-sufficiency. Homeownership is the
primary method for individuals and families, particularly lower income and
moderate households - to build assets, create wealth, and overcome poverty.
Decreases in property values means individuals and families, who owe more
than their properties are worth, lose the bulk of their assets and wealth.

Individuals and families are no longer able to finance equity from their homes
to pay for their children’s college education or other major financial needs.

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Credit scores that people have worked to build or repair are reduced, making it
harder for them to access future credit opportunities, car and student loans,
open bank accounts, and even secure jobs in certain industries.

Lower-income borrowers will be perceived to be even greater risks by investors
and will pay greater costs for mortgage loans for which they do qualify.

b. Social

A 2007 survey conducted by the American Psychological Association found that
nearly half of Americans identified housing costs, including rent and mortgage
payments, as significant sources of stress.

Mental health specialists are reporting that financial difficulties, defaulting
mortgages, and foreclosures are leading to increased incidences of anxiety
disorders, depression, domestic violence, marital problems, and addictive
behaviors such as alcoholism and gambling, and, in a few cases, suicide among
Americans.

The Brookings Institution estimates that over the next two years, nearly two
million children will be directly impacted when their families lose their homes
to foreclosure. These children will have their education disrupted, strained
relationships, and lose their sense of security.

Counseling staff at the SDSU Foundation’s and MAAC Project’s, Driving Under
the Influence (DUI) programs report an increase in numbers of clients, many of
whom cite the economy and housing issues as the main reasons for their heavy
use of drugs and alcohol.

4. Neighborhoods and Community

Lower home and property values, MDA Data Quick found that San Diego County
median prices went down to $328,000 in September 2008, down from
$350,000 in August and 30% below September 2007’s median price of
$470,000. The current median home value for the county is $285,000.
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Homeowners with strong credit, who are in safe, fixed-rate loans and who are
paying their bills on time are suffering from the reduction in property values
and home equity wealth associated with foreclosures in their neighborhoods.

Median Sales Price
% Change
City June – August 2008

San Diego -7.3

Chula Vista -7.6

Escondido -14.3

El Cajon -9.6

Oceanside -9.2
Source: Bouton & Associates, 2008.

Foreclosed properties that are not well maintained lend to the physical
deterioration of neighborhoods, further decreasing property values and
exacerbating perceived and real safety issues.

Abandoned foreclosed properties attract criminal activity as they become
attractive nuisances for drug addicts and street gangs.

Reduction in consumer base and loss of profits for neighborhood businesses
when residents are forced to move out of the area or have to cut back on
spending to meet their mortgage payments. Less retail sales reduces tax
revenues for the cities, counties, and states.

Reduced property taxes collected by local government to support
infrastructure, vital programs and services, and other public expenditures.

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3. Regional Economy

Surplus of vacant properties and limited access to financing reduces need to
construct housing, resulting in less work for thousands of carpenters and other
building trades workers.

Jobs in other occupations within the housing industry cluster (engineers,
architects, surveyors, equipment and building material suppliers, etc.) are also
negatively impacted.

Finance related jobs continue to be cut, resulting in higher unemployment
rates. Financial giant Citibank laid-off over 10,000 workers while Caterpillar,
with subsidiaries such as Solar Turbines located in San Diego, announced plans
to lay-off 20,000 employees.

Job losses and fear of job security has reduced consumer spending on retail
goods, travel, and personal services. These industry sectors have also been
impacted with companies closing stores and facilities across the country,
resulting in increasing unemployment and home foreclosures.

C. Environment that lead to the Crisis

Many San Diegans, particularly lower and moderate income minorities and
immigrants, purchased homes that they couldn’t really afford.

Housing values were increasing in urban neighborhoods with the influx of new
residents, mostly young adults who desired to live close to work and the
downtown area.

Historic discriminatory practices that limited homeownership properties were
reduced creating opportunities for homeownership. There is tremendous
value and desire for homeownership among lower and moderate income
households.

Many lower and moderate income minority and immigrant homebuyers had
limited knowledge and information about homeownership and financial

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products. Homeownership is the main and most accessible strategy to build
assets and wealth in the United States.

Condo conversions reduced the supply of affordable rental housing, forcing
lower and moderate income households to move further East, North, and South
of the border. Many San Diegans felt pressured to buy for fear of being pushed
out of the real estate market and their communities.

Affordable housing was available to purchase in Riverside and Imperial
Counties, this would require longer commute times to work and separation
from family and other support systems for many households. Regrettably,
many bought homes in distant suburbs when gasoline costs were about $2 per
gallon. In late 2008 the region saw dramatic price increases to near $5 per
gallon and resulting economic stress and escalation in foreclosures.

LMI San Diegans were willing to take on greater risks and even “bad” loans to
become homeowners.

Many real estate and lending professionals seized on the opportunities created by
this environment, targeting LMI minority and immigrant communities for
unconventional loan products.

Buyers who would never qualify for traditional loan products were able to
become homeowners without really understanding the terms of their loans and,
often, willing to pay the high mortgages because of the pressure to buy.

There was little to no enforcement of mortgage brokerage regulations.

U.S. fiscal and foreign policies have negatively impacted national and local
housing markets, resulting in the current economic crisis.

Economic downturn exacerbated the situation as increases in gas and oil
prices, and subsequently, utilities and most consumer goods, created greater
financial burdens on households already struggling to pay high mortgages.

Wages did not keep up with real costs of living. Economic development
strategies created a two-tier employment system – high salary professionals
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and technology jobs and low-wage service sector jobs. Traditional middle-
class jobs in manufacturing and other sectors were lost in the region as these
were sent off-shore to countries with lower labor and business costs.

II. Foreclosure Crisis Strategies

A. Public

White House

President Obama unveiled his foreclosure prevention strategy which will give up to
5 million of Americans access to low-cost mortgage refinancing; eliminate
restrictions that prevent responsible homeowners with reduced equity from
refinancing and benefitting from current low interest rates that will reduce their
payments; provide incentives for loan servicers to modify mortgages and prevent
foreclosure; and support the Treasury Department and the Federal Reserve with
buying securities backed by Fannie Mae and Freddie Mac mortgages to provide
"stability and liquidity in the marketplace”. These policies are evolving on a daily
to weekly basis.

Government Sponsored Enterprises (Freddie Mac and Fannie Mae)

Targets loan servicing companies that collect mortgages for sale and distribute
them to investors. Targets borrowers who are three months behind on loans for
owner-occupied properties and owe 90% or more than the current home value.
Interest rate is reduced so borrower pays no more than 38% of income for housing
expenses and/or loan are extended from 30 years to 40 years, and for some the
principal amount may be deferred interest-free. Fannie Mae will offer some of its
REO portfolio at a 15 percent discount. Newer details of their program(s) are
being developed.

Office of Housing and Urban Development

HUD Neighborhood Stabilization Program (NSP) provides block grants to eligible
jurisdictions for land banks, acquisition, rehab, and sale of homeownership and
rental properties. Demolition of foreclosed properties is also an eligible use as
well as first-time homebuyer education for buyers purchasing foreclosed
properties. A second phase of NSP funding is expected in summer 2009.
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HUD Foreclosed Properties works with private agents to sell properties directly to
homebuyers and investors. There are very few HUD foreclosed homes in the
region.

Federal Housing Administration

HOPE for Homeowners program will create refinance mortgages for some
borrowers who are having difficulty making their payments, but can afford a new
loan insured by HUD's Federal Housing Administration (FHA).

Federal Deposit Insurance Corporation

Proposes establishing standards for loan modifications and providing guarantees
for loans meeting those standards. The government would compensate loan
servicers for losses in cases of re-default (when a borrower receives a modified
loan but then ends up becoming delinquent on the new mortgage).

California Housing Finance Agency

National Foreclosure Mitigation Counseling Program assists housing counseling
agencies in the state to expand foreclosure counseling services to California
homeowners at risk. Qualifying agencies—both rural and urban—that participated
in the application are receiving sub-grants to strengthen their foreclosure
counseling services.

Community Stabilization Home Loan Program aims to help first-time homebuyers
purchase homes in communities hardest hit by the foreclosure crisis. First-time
homebuyers will be eligible for below-market interest rate loans to purchase
foreclosed homes in the following zip codes - 92102, 92104, 92105, 92113,
92114, and 92154. These zip codes mirror the San Diego NSP zip targets.

State of California Governor’s Office

The Governor sponsored a bill that requires loan servicers to offer a 90-day “stay”
for the foreclosure process for owner-occupied homes that have received notices
of default. Lenders could be exempted from the stay by proving they have an
"aggressive modification program". Loan modifications would be modeled on the
approach used by the FDIC. New monthly payments would not exceed 38% of
borrowers' incomes. Lenders could reduce the interest rate, increase the loan
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length up to 40 years and/or defer some of the principal balance until the home is
sold or refinanced. Such loan modifications could cut payments by 25% to 30%.

California Assembly

SB1137 goes beyond federal laws and requires lenders and servicers to: 1) contact
borrowers (or engage in a prescribed process to do so) to schedule telephone or
in-person meetings on restructuring options before beginning the foreclosure
process; 2) requires a 60-day notice to be given to tenants of buildings facing
foreclosure before they can be removed from a rental housing unit, and 3) allows
fines of up to $1,000 a day for owners of foreclosed properties that fail to
adequately maintain them.

County of San Diego

Proposes to establish a loan program for first-time homebuyers to purchase and
reduce REO properties in target communities.

City of San Diego Mayor’s Office

Mayor’s Foreclosure Task Force will focus on 1) Increasing demand; getting more
buyers safely into the real estate market. 2) marketing pre-foreclosure and
foreclosure prevention services offered throughout the city through the Housing
Commission website and 3) Preserving neighborhoods; discussed but declined
establishing a new code enforcement ordinance modeled after the City of Chula
Vista ordinance. Offers online help via the Housing Commission web portal.

Redevelopment Agency

The agency is exploring using its funding to rehabilitate foreclosed properties.

San Diego Housing Commission (SDHC)

SDHC is the designee for the City’s NSP funds. They are exploring changing their
property acquisition procedures to expedite development efforts including vacant
or blighted properties and will recommend that the City Council consider focusing
funds from the Community Development Block Grant (CDBG) program for the next
two years on eligible activities that address the foreclosure issue. The major part
of the Commission’s NSP award will employ their existing first-time homebuyer
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loan program to reduce REO properties in target communities by providing
subsidized financing to first time home buyers (<120% AMI) .

The City’s NSP program focuses on the areas hardest hit by high-cost
mortgage loans. The area’s foreclosure data were overlaid by high-cost loans
per 1,000, by census tract then overlaid by City Council Districts (3, 4, 7 and 8)
and the six hardest hit zip codes were derived as the NSP target areas: 92102,
92104, 92105, 92113, 92114 and 92154.

The NSP has a budget of $6.8 million to assist First time Home Buyers in the
<120% AMI category, this will serve about 92 – 130 households. Other uses of
NSP include: homebuyer education and counseling, and demolition of REO
properties by the City to facilitate redevelopment efforts. It will explore using
its Lead Hazard Mitigation funds to improve and “right size” obsolete or
deteriorated homes.

The NSP funds those at <50% AMI with a $2.1million budget.

For homebuyer education there is $50,000 budgeted.

San Diego Reinvestment Task Force/Capital Collaborative

RTF was the earliest identifier of the impending foreclosure crisis. They facilitated
a convention of diverse stakeholders to address the mortgage crisis at which pre-
foreclosure and foreclosure prevention services were identified as a critical need.

Over time the group identified the need for capital resources to preserve
neighborhoods and to create investment in the poorest neighborhoods. The
Capital Collaborative and Land Bank were founded. The focus was to leverage
private investor resources to purchase foreclosed properties for homeownership
sales and rental properties. However, as the end of 2008 saw the official
declaration of a “Recession” the Capital Collaborative was undone by lack of
investor support and withdrawal of previous investment commitments. In March
2009 the RTF was cut from the City’s CBDG funding due to budget constraints and
is currently in flux and operationally limited.

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City of Chula Vista

Community Development will allocate CDBG funding to support pre-foreclosure
and foreclosure prevention services.

Code Enforcement Division has established foreclosure ordinance that identifies
properties very early in the foreclosure process; requires registration, a fee and
conformity to code, and when out of compliance, owners faces fines. This code
enforcement policy has gained national attention and is being adopted in many
jurisdictions.

Neighborhood Stabilization Program will provide funding for First Time
Homebuyer program to provide $40,000 to $70,000 in assistance for qualified
buyers who participate in CHW education and counseling program and some
funding for demolition to accommodate redevelopment.

B. Private Sector

1. Lending Institutions
Private lending institutions maintain properties that are foreclosed in their REO
portfolios. Homebuyers and investors can negotiate and directly purchase
properties from the institutions through real estate agents.

Bank of America/Countrywide:

Owner Occupied Proactive Home Retention Program will systematically modify
troubled mortgages with interest rate and principal reductions. First-year
payments of principal, interest, taxes and insurance will be targeted to equate to
34% of the borrower's income.

Modified loans feature limited step-rate interest rate adjustments to ensure
annual principal and interest payments increase at levels with minimal risk of
payment shock. Modification options include, among others, moratorium of
foreclosures; FHA refinancing under the HOPE for Homeowners Program; interest rate
reductions, which may be granted automatically through streamlined processing;
principal reductions on pay option adjustable rate mortgages that restore lost equity
for certain borrowers; and waiver of loan modification fees and prepayment

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penalties for subprime and pay option ARM loans owned by Countrywide and its
affiliates.

Foreclosure Relief Program targets eligible servicing customers who suffered
foreclosure or are currently at serious risk of foreclosure having made only
minimal payments since the time their mortgages were originated by Countrywide.
Will provide support to customers with loans serviced by Countrywide who face
imminent foreclosure, providing financial assistance with their transition from
home ownership. Some loan modifications will be subject to compliance with
servicing contracts and some will require investor approval.

Wells Fargo

The Bank provided grants to NeighborWorks and other organizations in
foreclosure prevention counseling and assistance, purchased Wachovia Bank and
World Savings and will absorb the REO portfolios of these servicers, and will offer
loan modifications for eligible borrowers. Recently announced an NSP related
grants competitive grants program.

JP Morgan Chase

Chase will cut monthly payments by lowering interest rates and temporarily
reducing loan balances. Will offer mortgage modifications for borrowers at risk
and institute an independent review process to eliminate all unnecessary
foreclosures. The bank will hire and train more staff to handle the added caseload
that the plan will generate. In March 2009 the bank opened nine “Housing
Centers” to assist borrowers. A site is located in La Mesa, a San Diego suburb.

IndyMac/FDIC

Loan modifications will be available for most borrowers who have a first mortgage
on their primary residence owned or securitized and serviced by IndyMac and is
"seriously delinquent" or in default. IndyMac will also work with other consumers
who are unable to pay their mortgages because of payment resets or changes in
the borrowers' repayment capacities. Interest rates for eligible mortgages would
be capped at 6.5%. The modifications would be designed to achieve sustainable
payments at a 38% debt-to-income ratio of principal, interest, taxes and

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insurance, through a combination of interest rate reductions, extended
amortization and principal forbearance. IndyMac will not put any delinquent loans
into the foreclosure process during the 90 days it takes to implement its new plan
and will institute an independent review process to eliminate all unnecessary
foreclosures.

Citibank

The bank will halt foreclosures for borrowers who live in their own homes, have
decent and stable incomes and can make lowered mortgage payments. The bank
intends to reach out to 500,000 homeowners who are not currently behind on
their mortgage payments (1/3 of all Citigroup mortgages), but who are on the
verge of default. Efforts will assist targeted borrowers by adjusting their rates,
reducing principal or increasing the term of the loan.

2. Local Developers and Investors

a. Hallmark Communities

The for-profit development company has purchased foreclosed properties in
Chula Vista and has expressed some interest in connecting to nonprofit
homebuyer education programs to reach qualified, prospective buyers. The cost of
new construction is high and financing nearly impossible. There are signs that
there will be an increase in acquisition/rehab transaction in the multifamily sector.

b. Investors

Current anecdotal knowledge of the market indicates that the Brokers’ Price
Opinion (BPO) is $.40 to $.70 on the $1.00. At these low prices, individual
investors and investment groups are seizing opportunities to purchase properties
for resale and rentals. Purchases of REOs by investors represent a good
percentage of current sales in many LMI urban neighborhoods with lower housing
prices, access to public transportation, and older homes with unique design
features.

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B. National and Local Nonprofits

National Community Stabilization Trust (the Trust)
An unprecedented collaborative effort of LISC, Enterprise Community Partners, the
Housing Partnership Network, and NeighborWorks America; the Trust facilitates the
transfer of foreclosed and abandoned property from financial institutions nationwide
to localities to promote neighborhood stability. Creates a bridge between owners,
servicer/REO departments and state and local housing providers and guarantees at
least a 15% discount on all real estate purchases made through the Trust. It also
offers a “first look” which allows its partners to evaluate and purchase the REO before
it is released for general sale to the real estate broker community.

Rural Community Assistance Corporation

RAC received funding from NeighborWorks America National Foreclosure
Mitigation Counseling Program to assist housing counseling agencies in the state
to expand foreclosure counseling services to California homeowners at risk.
Qualifying agencies—both rural and urban—that participated in the application are
receiving sub-grants to strengthen their foreclosure counseling services.

Community HousingWorks

Founder and member of the HOC, provides financial and homebuyer education
and counseling; assistance with connecting to and negotiating loan modifications
for homeowners; assist homeowners’ transition to renters. Manages and
disburses first-time homebuyer loans for City of San Diego and Chula Vista. The
organization is contracted by the City of Chula Vista to offer homeownership
education, counseling, and loans for first time buyers purchasing foreclosed
homes.

Price Charities

Provides funding to organizations engaged in financial and homebuyer education
and counseling; providing assistance with connecting to, and negotiating loan
modifications for homeowners; and assisting homeowners transition to renters.
The organization has considered establishing a land bank to purchase, manage,

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and sell REO properties in the City Heights neighborhood. The organization’s
PITCH Home Loan Program offers assistance for first-time homebuyers in specific
City Heights' neighborhoods.

Housing Opportunities Collaborative (HOC)

HOC Community Partners is the preeminent nonprofit providing financial and
homebuyer education and counseling; legal assistance and services; assistance
with negotiating loan modifications for homeowners; supportive services such as
mental health counseling and emergency financial assistance; and assistance to
homeowners making the transition to renters.

Member organizations are HUD certified and provide financial and homebuyer
education and counseling to qualified buyers of foreclosed properties.
Additionally, HOC has been at the forefront of identifying foreclosure fraud scams
in target communities and is working with the District Attorney’s office on this
issue. The HOC offers comprehensive Foreclosure Home Clinics throughout the
region and has been invited to help develop comparable collaborative in other
jurisdictions.

Union Plus Save My Home

Emergency financial aid for AFL-CIO affiliated union members for mortgage
payments.

Central Labor Council - Labor Participation Agreement

Through a Labor Participation Agreement with the United Way of San Diego
County, CLC Existing emergency financial assistance for struggling union
members and emergency housing assistance program launches in March 2009 to
assist union members with up to $1000 for mortgage assistance.

22


III. Challenges and Gaps to Existing Strategies

1. Lack of access to capital to purchase foreclosed REO properties.

The San Diego Capital Collaborative business objective was to bring patient capital
to the underserved LMI market. The Collaborative’s major investors, California
Public Employees' Retirement System (Cal PERs) and WaMu withdrew from their
investment commitments before year end 2008. The NSP funding ($9 million)
available from SDHC is not patient capital and is under budget constraints by the
city administration to not take undue risk and not add administration for the NSP
funds. NSP housing activities are limited to the Housing Commission’s First Time
Buyer Program.

Most REO single family homes in LMI areas are being “cherry picked” by local
investors. There is little desirable REO inventory for homebuyers as the best
inventory has been acquired by investors. The investor market dynamic reduces
owner occupant transactions thereby reducing neighborhood stabilization.

A few nonprofit organizations (NPOs), including CHW, San Diego Community
Housing Corporation, Coalition of Neighborhood Councils, and the MAAC Project
have well-established relationships and lines of credit with lenders but are facing
tightening credit standards in this unstable market.

Recommendations

LISC can assist with the formation of a locally funded revolving loan pool to
access REO asset managers in meaningful transactions.
LISC should consider investing low cost, short term loans for the acquisition
and rehabilitation of homes to NPOs in NSP areas.
Promote and sponsor “NSP informational meetings” to educate local REO
holders and sellers about the NSP funds and processes.
The NCST- Trust or large REO holders could negotiate REO management by a
local nonprofit that would facilitate REO sales by a local nonprofit-
Realtor/Broker to ensure that the REO in the NSP target areas would prioritize
transactions to local first time homebuyers using the jurisdictions’ NSP
23


programs. Local “owner occupant” buyers would also get a “first look” at REO
and opportunities to purchase properties.
Strategically target private foundation, investor, and public agency resources to
purchase properties in LMI income neighborhoods with high concentrations of
foreclosures.
Work with NPOs to negotiate expanded and fixed lines of credit.
Work with local and county government to create incentives (i.e. local tax
credits, rebates, streamline development review processes, etc.) for private
investment into the purchase of foreclosed REO properties for sale to owner-
occupants in redevelopment areas.

2. Limited resources for pre-foreclosure and foreclosure/loss mitigation
services. Although there is a high demand for the HOME clinics offered by the
HOC and its member organizations, there are few resources to support their
activities.

Recommendations

Funding the HOC helps accelerate potential use of the SDHC NSP funds so that
they will be able to exhaust the NSP funds before the 18 month deadline. This
may position the San Diego to secure additional NSP funds from other
jurisdictions that were unable to employ the funds.
Work with local foundations to secure resources and create programs that
specifically support these services.

3. Some geographic areas lack organizational technical capacity to establish
the collaborations needed to expand the impact of strong CDCs.

Recommendations

Transfer successful programs from initial target areas to these areas. Promote
and create incentives for partnerships and collaborative efforts between
nonprofits in these communities and those with access to capital,
demonstrated capacity and track record.

24


LISC could target one of these neighborhoods for capacity building funding or
support.

Recommend keeping strategies along public transit oriented corridors as auto
fuel prices will increase again and LMI residents have narrower margin for
economic error.

4. Lack of detailed data on foreclosed properties.

The San Diego NSP approaches neighborhood stabilization from the macro level,
targeting its NSP resources for properties in specific LMI zip codes. To best assess
the inventory of foreclosed properties and stabilize neighborhoods, efforts to
purchase and sell REO properties must be approached from the micro level and
target smaller geographic areas such as blocks.

Recommendations

The Trust (NCST) offers an opportunity to review and analyze data very early in
the REO stage. The data can be utilized to maximize neighborhood impact.
Recommend that the Trust provide additional data fields for their REO lists,
these include: the approximate value of foreclosed properties, housing type,
room count, square footage, year built, lot size, and amenities is needed.
Work with local university Real Estate departments to develop GIS information
for the NSP areas.
Work with local stakeholders, electeds and other nonprofits to gather
information on REO properties in targeted neighborhoods.

5. Lack of strong and coordinated leadership – the Mayor and City Council have
different priorities and strategies for addressing the foreclosure crisis.

Recommendations

LISC is a neutral arbiter and convener of diverse stakeholders.
A successful consortium could attract leadership and their resources.

25


6. Assessing current values of REO properties is challenging. Current sales
prices are creating an unstable real estate market.

Recommendations

Work with local universities to create sale price models that reflect the distress
and short sales in the marketplace. The University of San Diego has shown
interesting work in sales indexes tied to hedonic regression models similar to
those used in Great Britain.
Work with the County Recorder’s office, real estate agents, and title companies
to track sales.
NPOs such as Community Housing Works have developed underwriting reports
and criteria for City Heights and Chula Vista where they have housing
counseling programs. The methodology used to develop these reports and
criteria could be expanded to other communities.

7. One of the potential hurdles the housing agencies face is a federal
requirement that bank-owned homes be sold at a discount of at least 5 percent
below the appraised value. The overall discount for all homes sold must be 15
percent.

Recommendations

Fannie Mae will sell its properties at a 15% discount.
The Trust –NCST offers at least a 15% discount on their transactions.
Other servicers can be encouraged to do so as well.

9. Early detection and outreach to borrowers to offer loan modification
assistance.

Delinquent borrowers are inundated with collection calls and mail and often give
up hope about holding onto their homes. The biggest hurdle is getting people to
open their mail to read about modification offers. There is a need in San Diego for
a single unified message (branding) to reach homeowners early in the pre-
foreclosure process in a compelling, non-threatening manner but there are no
financial resources for effective communications.
26


Recommendations
Work with utility companies to develop an early warning data system of
households struggling to make payments as this is often a precursor to
mortgage nonpayment and foreclosure.
Collaborate with community based organizations that are trusted and well-
recognized in the community to do outreach. Member organizations of the
HOC are well-established housing and service organizations that have daily
access to thousands of clients and can perform outreach for pre-foreclosure
and foreclosure prevention services.
Ask a local television cable company to offer free or near free foreclosure PSAs
under a common branding strategy to increase consumer awareness of the
HOC and SDHC.
The most effective outreach is probably door-to-door contact, generated by
early recognition indicators like utility bill late-pays and shut offs. Additionally
AmeriCorps interns could affect this work.
Work with partners to launch media campaigns through which local and ethnic
media make television, newsprint and radio PSAs about available services; all
under one label or brand so that the consumers know where there is free, safe
and straightforward help.

10. Complicated loans with multiple investors create barriers for loan
modification efforts.

The majority of troubled loans were packaged into complex investments.
Deutsche Bank estimates more than 80 percent of the $1.8 trillion in outstanding
troubled loans have been packaged and sold in slices to investors around the
world. Experts project that only 20 percent are “whole loans” which will be easier
to modify because they have only one owner.

Recommendations

Given the nation wide orientation of the Trust -NCST should promote the issue
in the national arena.

27


11. Private investors are taking advantage of the crisis, purchasing foreclosure
properties in lower income communities.

This reduces neighborhood stabilization and the supply of REO properties in
urban communities, it is often the first phase of neighborhood gentrification and
eventual displacement of LMI residents.

Recommendations

Establish and implement the REO NCST management strategy
Ask the Trust to work with HUD to prioritize the sale of its REO properties for
owner-occupied housing.
Prioritize the sale of REO properties for owner-occupied housing.
Establish long-term affordability restrictions on properties sold and managed
by nonprofits and public agencies.

12. REO properties in lower income, immigrant, and minority communities are
often out of compliance with local building codes due to the Illegal additions and
home repairs made by owners.

Rehab costs associated with bringing properties to code may be higher than
projected prior to property acquisition, requiring developers to secure additional
subsidies or increase the selling price.

Recommendations
Work with local real estate agents, partner nonprofits and associated vendors
to assess properties prior to purchase.

Rehabilitation may be a workforce development opportunity, it could leverage
stimulus dollars.
Use building codes to negotiate lower purchase costs of REO properties with
lending institutions that carry the costs and responsibilities maintaining and
bringing properties into compliance.

28


13. Current Economic Conditions

As more companies layoff workers, the state unemployment rate (currently 10.6%)
will continue to rise. For Latinos, the current unemployment rate is 9.7% and
African Americans 12.6%. Unemployment benefits are insufficient to cover
household expenses for most people, particularly lower paid workers with limited
savings and assets. Layoffs are also impacting more mature, educated, and
professional workers so foreclosures among these segments of the population are
expected to increase as well.

The President’s economic stimulus package will potentially create millions of new
living wage jobs, career pathways, and provide resources for education, health
care, and social services. Transportation expansion and improvement projects
(i.e. freeway expansions managed by SANDAG and Lindbergh Airport expansion)
will create employment in the building industry for displaced and entry-level
workers. Projects and initiatives to reduce energy and water consumption will also
stimulate investment and create job opportunities.

As these jobs are created, efforts must be made to ensure that they offer wage
levels and benefits that enable San Diegans to afford the region’s cost of living.
Despite the mortgage foreclosure crisis, home prices are still well out of the reach
for many LMI San Diegans. According to a 2007 report by the Center on Policy
Initiatives, of the nearly 1 million full-time workers in the county, 57.7% earned an
annual income less than $50,000. Another 22% of the region’s workers earned
under $25,000. With a median home price of $440,000 in 2007, the Center for
Housing Policy calculated that households needed to earn $143,000 a year to
afford homeownership. While median prices have fallen to the low $300,000s,
households would still need to earn over $100,000 to purchase a home and pay
no more than 30% of their income towards housing.

Recommendations

Encourage safety nets such as the contemplated San Diego LISC “Centers for
Working Families” to promote and establish collaborative efforts that connect
San Diegans struggling with job loss or reduction in work hours to job search
29


and placement, training, education, and employment opportunities to help
them find new opportunities and maintain or increase their incomes. Link or
locate these facilities near community college facilities where users can find
free or low cost training.

Promote and establish collaborative efforts to link lower and moderate income
San Diegans to transit oriented communities. As we saw in year end 2008
when gasoline prices reached peak levels, many renters living on marginal
incomes were squeezed out of their housing.

Affordable housing (and NSP programs) should focus on transit orientation.
The Trust could lobby for federally sponsored mortgage discounts for NSP
purchases made within walking radius of a transit corridor or other “green
influences”.

Focus career training, education, and employment opportunities that will place
them on paths to higher paying jobs in growth industries of health care,
education, computer technologies, communications, biotechnologies, energy
and natural resource management and conservation.

Promote and support initiatives that create “green” job opportunities for LMI
San Diegans. For example, working with SDG&E and the Water Authority to
develop and launch energy and water conservation initiatives that train LMI San
Diegans to work for private companies and nonprofits that offer weatherization
services to “green” foreclosed homes, other residential, and commercial
properties.

IV. Mortgage Foreclosure Program and Services

B. Pre – Foreclosure/Foreclosure Prevention

Early Detection

To reduce foreclosures in the region, stakeholders must identify strategies to
detect and identify homeowners who are struggling to make their mortgage
payments early in the default process. Early detections systems can be
established working with utility companies who can track households who are
behind in their payments as this is a first sign of the financial trouble that leads
30


to foreclosure. Additionally, utility and postal workers servicing target
neighborhoods can be trained to identify the early signs of homeowner distress
and make available the information for the nonprofit sector for follow up on a
face-to-face basis

Outreach to Homeowners

Community-based organizations, faith institutions, and other entities
recognized and trusted by the community can perform outreach homeowners
facing default and foreclosures through their services and programs, recruiting
them to receive counseling and assistance.

Loss Mitigation

Homeowners referred by nonprofit organizations can be referred to Level I and
Level II counseling offered by community partner organizations of the Housing
Opportunities Collaborative (HOC) and their loan servicers to help them avoid
foreclosure. Level I counseling will involve credit repair, budgeting, and debt
management. Level II counseling will assist homeowners navigate the complex
process of negotiating loan modifications, providing assistance with short-
sales, moving through the foreclosure process, and transitioning to rental
housing.

Supportive Services and Workforce Development

As homeowners receive Level I and/or Level II counseling, they will receive any
needed supportive services such as legal guidance and assistance, mental
health counseling, emergency financial assistance, job referrals and placement,
and assistance with applying for public benefits. Unemployed homeowners will
be referred to organizations such as the HOC community partners, and other
entities for job search and placement assistance.

Referrals and Assistance with accessing rental housing

After counseling, homeowners who face foreclosure will be referred to HOC
community partners to receive assistance with searching for and applying for
rental housing.

31


Financial education and counseling for homeowners

Homeowners who are able to avoid foreclosure will be referred to HOC
community partners to participate in financial education programs and receive
individual financial counseling to ensure they develop the knowledge and skills
needed to effectively manage their money and maintain homeownership.

B. REO Properties: Proposal for a San Diego NCST Trust Strategy – A First Look
Program for Owner-Occupants

The San Diego First Look program envisions a pilot program where a local nonprofit is
contracted to manage a servicer’s REO portfolio of housing units located in the San
Diego NSP target areas. Under this proposal, the REO owner or manager will contract
a vetted nonprofit to manage the sale of the REO inventory in the NSP target areas
instead of a Realtor with no vested interest in the stability of the community.

This conceptual program would allow consumers in target areas to get a “first look” at
REO inventory before release to the general Realtor market. This no-cost model
maximizes community stability by allowing a specific entity to manage the real estate
transactions with priority for NSP users and owner-occupants in lieu of investors

Furthermore, additional first look purchase opportunities would be extended to
local nonprofit development entities in NSP areas such as the Jacobs Center for
Non-Profit Innovation, Coalition for Neighborhood Councils, and Price Charities.
A protection could be added to ensure investors are allowed to buy after an initial
45 to 90-days of offering to the NSP owner-occupant class.

This concept could be piloted and be successful in San Diego owing to the
strength, local connectivity and experience of the nonprofit sector. There is early
discussion at this time to create a local capital consortium. The very preliminary
outline includes:

Multiple collaborative funders to the capital pool

Operational target funding would be in the $2 to $4 million range

One entity (LLC) would facilitate the REO transfers and provide loan servicing

32


The loan pool would be a revolving credit facility.

Properties would be NSP targeted and tied to the NCST or other major REO
owner with minimum 15% sales discount.

Target consumers are at <120% AMI.

The geographic targets are likely to be the Tier I neighborhoods cited in this
report.

Leverage of local dollars to subsidize those at the lowest incomes.

Primary focus to insure long term housing through use of the NSP.

Low-and- Moderate-Income and NSP market activity appears to be escalating
creating increasing competition with the investor class. The City Heights market is
now a hot market. This economic tension is driving early stage discussions and
willingness to work collaboratively to fund a consortium. The NCST business plan
is now appearing much more realistic especially as stakeholders keep losing every
REO bid.

San Diego has the human and social capital is highly operational ISC leadership and
support could be the unifying force to create the initial core group of investors whose
success will encourage other stakeholders to join.

This report demonstrates that the San Diego market has enormous human capital
dedicated to the crisis but has little financial capital and agencies are under increasing
budgetary constraints.

Given the tenor of the recessionary economy, resilient thinking and collaborative
actions appear to be the norm into the unpredictable future.

33


Chart A. Pre – Foreclosure/Foreclosure Prevention

Utility Companies/Postal workers
Early City Code Enforcement
Detection Property surveys (nonprofits)
Private Lenders
211 calls for assistance
Referrals and
Loss Mitigation Assistance with
accessing rental
Outreach to Level II Counseling
Level I Counseling housing
Homeowners
Credit Repair Loss Mitigation/Support and
CBOs
Budgeting Assistance with Short-
FBOs On-going financial
AmeriCorps Debt Sales/Foreclosure education and
HOC counseling for
HOC Partners
Partners
homeowners

Supportive Services and Workforce Development
Legal, Mental Health Counseling, Emergency Financial Assistance,
Job referrals and placement, Public Benefits Advocacy and Assistance, etc.
HOC Partners

Labor Partnership Agreement
AFL-CIO Union Plus Save My
SD Workforce Partnerships
Public Agencies

34


Chart B. REO Properties: San Diego NCST/ NSP/ REO Strategy

Servicer Servicer Servicer Servicer Servicer

Community Housing
National Community Stabilization Trust Works or CDC (TBD)

Facilitates transition of REO properties in targeted Manage and Sale properties as REO
Property Broker in all NSP and NCST
neighborhoods from private brokers to qualified
target areas
NPOs and direct sale to SDHC

San Diego Jacobs Center for Non-Profit Price
Housing Innovation/Coalition for Charities
Commission Neighborhood Councils
Potentially buy or
20 – 30 units of REO
Potentially buy or manage and manage and
properties in target NSP
rehab REO properties in rehab REO properties
neighborhoods

Consumer First-time Homebuyer Programs and Local Capital Collaborative
HOC, OTS, Rebuilding Together, Others

35


V. NCST Target Communities

The Trust and organizations participating in the continuum can focus on several
communities in the region to pilot the model for foreclosure services delivery and
Trust activities. Communities will be selected for the pilot based on the following
criteria:

Percentage of residents who are LMI income.

Numbers of REO Properties.

Numbers of NODs and Trustee Sales.

Priority for local government NSP and other stabilization programs.

Community Capacity: Network of CBOs, faith-based, civic associations,
academic institutions, business associations, etc. with:

o Access to capital and successful track record of real estate management,
development, rehabilitation and sales.

o Track record of effective community outreach and engagement.

o Established and successful financial and homeownership education and
counseling programs.

o Established legal, mental health, emergency assistance, workforce
development, and other support services programs.

o Track record of successful collaborative efforts and resource leveraging.

Political will and support for community stabilization initiatives from elected
officials and other leaders.

Close proximity to public transportation routes (buses, trolley, train, etc.) to
promote and facilitate longer-term transit-oriented development initiatives.

Targeted for redevelopment by local government.

Prepared by Trinity Investment Capital
April 15, 2009
36


A. Tier I Communities

The City Heights neighborhood of San Diego and Logan Heights meet all the
criteria identified above and are recommended as targeted communities for
potential NCST activities.

1. City Heights

Criteria Community Profile

% of residents who are LMI income. Nearly 80% of residents are LMI
Numbers of REO Properties. 126 (Bouton and Associates, 2008)
Numbers of NODs and Trustee Sales. 306 (Bouton and Associates, 2008)
Priority for local government NSP and Targeted by the City of San Diego for
other stabilization programs. the NSP

Community Capacity Community Housing Works
Price Charities, OTS, SDCHC
City Heights Foundation
Episcopal Community Services
Political will and support for Todd Gloria supports neighborhood
community stabilization initiatives stabilization strategies.
from elected officials and other
leaders
Close proximity to public Extensive bus lines run throughout the
transportation routes (buses, trolley, neighborhood connecting to Downtown,
train, etc.) to facilitate longer-term Mission Valley, trolley lines, and the
Transit-Oriented Development Amtrak and Coaster trains.
Targeted redevelopment areas Price Charities and City Heights
Foundation

April 15, 2009
37


2. Zip Codes 92102, 92113 (Logan Heights, Sherman, Barrio Logan)


% of residents who are LMI. Near 80%
Numbers of REO Properties. 128
Numbers of NODs and Trustee Sales. 325
Priority for local government NSP and This area is two of the target NSP zip
other stabilization programs. codes
Community Capacity Community Housing Works
MAAC Project
Children of the Rainbow
SDOP and JOB
LISC Neighborhoods First area
Political will and support for The 8th Council District representative is
community stabilization initiatives president of the council and veteran
from elected officials and other member of the City Council. He has
leaders already designated funds for foreclosure
Close proximity to public Trolley runs through the community
transportation routes (buses, trolley, connecting it to downtown, Tijuana to
train, employment, etc.) to facilitate the South and all coastal communities
longer-term Transit-Oriented and other trolley, trains and bus lines to
Development major employment, retail, and
entertainment centers. This trolley line
is historically the most heavily used in
the county
Targeted redevelopment areas This area is in alignment for continued
development as the downtown core
expands eastward. The Comm22 mixed
use project (budget $130 million) is
near ground breaking

April 15, 2009
38


B. Tier II Communities

1. Southeastern San Diego


% of residents who are LMI. Approximately 75% of the residents are
LMI.
Numbers of REO Properties. 95
Numbers of NODs and Trustee Sales. 280
Priority for local government NSP and Targeted by the City of San Diego as an
other stabilization programs. NSP area.
Community Capacity Jacobs Foundation is well capitalized
and has expressed interest.
Coalition of Neighborhood Councils has
secured a line of credit to purchase
foreclosed properties.
Political will and support for City Councilmember Young is
community stabilization initiatives supportive of the proposed local NCST
from elected officials and other strategy.
leaders
Close proximity to public Trolley runs through the community
transportation routes (buses, trolley, connecting it to employment, business,
train, etc.) to facilitate longer-term and entertainment centers to the west.
Transit-Oriented Development
Targeted redevelopment areas The Southeast Economic Development
Corporation (SEDC) develops affordable
housing and revitalized neighborhood
commercial districts.

April 15, 2009
39

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