University of Wisconsin - Extension

Contact: Suzanne Dennik, 414-290-2400, suzanne.dennik@ces.uwex.edu

Waukesha, Wis.—Last October, Wisconsin recorded 2,506 foreclosure filings—default notices, auction sale notices and bank repossessions. That was a 67.4 percent increase over September’s filings, according to a report issued Nov. 29 by RealtyTrac Inc.

Like more than 40 other states, the figures show that Wisconsin is grappling with a surge in foreclosures. A conference scheduled for Dec. 11 and Dec. 12 in Waukesha will dig deeper into the reasons for the rising numbers and provide experts’ insights into the risks posed by nontraditional mortgage products.

"An Informed Discussion of Nontraditional Mortgage Products and Escalating Foreclosures: Building an Effective Community Response for Wisconsin" is sponsored by a partnership among the University of Wisconsin-Extension, Federal Reserve Bank of Chicago, and the Wisconsin Housing and Economic Development Authority (WHEDA).

A key goal of the conference, to be held at the Country Springs Hotel in Waukesha, is to educate people about the current economic situation to help build an effective community response.

"Many organizations are providing various forms of outreach while others do not have the staff or resources to adequately address this issue. It was essential to launch a state-wide forum to share best practices, communicate quality research on foreclosures, and identify needed resources," says Suzanne Dennik, UW-Extension Consumer and Housing Education Coordinator and one of the conference organizers.

Topics to be covered at the two-day conference include:

• an update on nontraditional mortgage regulations
• a consumer perspective on nontraditional mortgage products
• lessons from current models to address predatory lending practices
• implications of the federal rights of rescission for lenders and borrowers
• Wisconsin’s foreclosure process from A to Z
• legal enforcement mechanisms’ effects on state and local anti-predatory lending laws
• introduction to building an effective community response

A representative from Gov. Jim Doyle’s administration is slated to give the keynote address on Dec. 11, followed by Gregory D. Squires, of the George Washington University, who will speak on "Surging Inequality and the Rise in Predatory Lending" on the second day of the conference.

Three task forces will discuss ways to form a community response to the foreclosure issue:

• Options and Outreach will work to provide appropriate, timely financial information to Wisconsin consumers.
• Stabilization and Maintenance, led by Dennik and UW-Extension community development educator Andy Lewis, will focus on developing solutions for a solid-post-purchase program for Wisconsin homeowners to promote long-term financial stability.
• Financial Options and Strategies will explore ways to complement existing solutions to prevent foreclosures.

A film produced by Dennik and Jim Leser , distance education specialist for UW-Extension, will offer a personal portrait of foreclosure in Wisconsin experienced by one family. A foreclosure research study depicting individual county foreclosure data from across the state was commissioned by Dennik and Lewis, and conducted by Professor Russell Kashian of UW-Whitewater. Kashian will present his findings at the conference.

To learn more about the conference and foreclosure in Wisconsin and to register, please visit http://www.chicagofed.org and click on "Upcoming Events."