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San Francisco committee advances plan to negotiate joint authority with Richmond to help homeowners with troubled mortgages
Summary
The Board of Supervisors’ Budget & Finance Committee voted to send a resolution to the full Board authorizing negotiations on a Joint Powers Authority with Richmond to acquire and modify private-label securitized mortgages and help distressed homeowners; staff were asked to report bond and program details before final approval.
The San Francisco Board of Supervisors’ Budget and Finance Committee advanced a resolution Oct. 1 to begin negotiations with the City of Richmond on a Joint Powers Authority that would acquire certain private‑label securitized (PLS) mortgages and work with homeowners to refinance or modify loans.
Supervisor John Avalos, who sponsored the resolution, described the JPA as a tool to target PLS loans that are difficult to modify through normal channels. Avalos said about 9,500 PLS loans are in San Francisco, 8,000 of which are owner‑occupied, and cited counts of adjustable‑rate mortgages and upcoming rate resets that place many households at risk. “This resolution will begin the process of creating a program to assist homeowners with stressed mortgages,” Avalos said.
Mayor Gail McLaughlin of Richmond, Calif.,…
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