Maryland Homeownership Preservation Task Force Report

In response to rising default and foreclosure rates throughout Maryland, the Governor established the Homeownership Preservation Task Force. The Task Force was charged with developing an action plan to address escalating foreclosure rates and identify effective ways to preserve homeownership for Marylanders. The report examines how Maryland can:

• Identify and assess available financial resources (public and private) to assist homeowners with inappropriate mortgages and recommend additional programs or financial products aimed at reducing the number of new foreclosures
• Review ongoing outreach, counseling, and educational programs and activities that focus on foreclosure prevention and recommend changes or enhancements as needed
• Examine current laws and regulations governing the mortgage industry and the foreclosure process and recommend necessary changes, including legislative and regulatory actions where warranted
• Collect and analyze data to plan for current and future needs and monitor foreclosure activity.