IN THE LAST 12 MONTHS, more than 3,000 Philadelphia homeowners took steps to end a nightmare, by participating in an innovative program designed to slow down the foreclosure rate.
The Mortgage Foreclosure Diversion Program is a city-sponsored, court-designed program that brings lenders and homeowners to the table to work out a plan to save homes set for foreclosure. As a result, 1,400 city homes that had been due to be foreclosed were saved. Now, the program may expand throughout the state and around the country.
Last week, the National Conference of Mayors recognized Mayor Nutter for the city's role in making the program work; mayors from New York, Los Angeles, St. Louis, Miami and other cities are working to adopt the program in their cities. And later this month, the Pennsylvania House could vote on a bill, by Rep. Michael McGeehan, that would make the program statewide.