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Assumptions, Mistakes, Successes, and Moving Forward: An Empirical Analysis of Foreclosures in North Minneapolis and Foreclosure Policies.

Date and time: 
December 18, 2009 - 12:00pm - 1:30pm

Presenter: Mark Ireland, Attorney, Foreclosure Relief Law Project at Housing Preservation Project

It has been at least three years since the initial wave of foreclosures impacted major cities across the country. Mark Ireland presents his new research related to North Minneapolis, “Bending Toward Justice: An Empirical Study of Foreclosures in One Neighborhood Three Years after Impact and a Proposed Framework for a Better Community.” In addition to an analysis of lending patterns and loan characteristics, this report also analyzes the post-foreclosure impact. Once the foreclosure occurred, what happened to the property? This study finds that 83% of the properties were the subject of a 911 emergency phone call, most properties took more than a year to sell from the date of foreclosure to the date of sale, and the median loss for the lender related to the property was 49% of the redemption amount. The report puts these statistics into context, analyzing five major policy areas implicated by the statistics that highlight incorrect assumptions made about the foreclosure crisis. Finally, the report proposes a framework for a national conversation about race and poverty to move forward and target resources where they are most needed.

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