An initiative by the Rainbow PUSH Coalition and Citi brings hard-to-reach bank officers, mainly those in the loss mitigation sections of banks, to the community. The goal is to reduce the unprecedented number of home foreclosures in communities of color.
An initiative by the Rainbow PUSH Coalition and Citi brings hard-to-reach bank officers, mainly those in the loss mitigation sections of banks, to the community. The goal is to reduce the unprecedented number of home foreclosures in communities of color.
According to various reports, some 431,000 households across the nation entered foreclosure proceedings in April — approximately 12,500 of them in the Chicago area and 15,000 in Illinois. While these numbers represent an 8 percent decrease from March, foreclosures remain 52 percent higher in the Chicago area and 54 percent higher statewide than they were this time last year.
“With Chrysler and General Motors closing close to 2,000 dealerships combined, more people are going to face the possibility of foreclosure,” said the Rev. Jesse Jackson, founder and president of Rainbow PUSH Coalition, who has become one of the nation’s leading advocates on this issue. “We must do all we can to bring homeowners together with lenders to work toward solutions that will allow families to remain in their homes.”
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