... but I voted for it. :)

WWGjr

For as much griping that we do about government on this site (much of it warranted), Philadelphia City Council is leading the nation on combating the foreclosure crisis, it is fitting to give them a pat on the back for this one.

I am in Pittsburgh today explaining the steps that led to our moratorium and subsequent diversion program, there is a lot of excitement both in the neighborhoods and from legislators about aggressive action modeled after Philadelphia.

I will tell you though every time I say something about Philly (I've been singing Philly's praises quite a bit today) they remind me about how the Penguins gave our Flyers the business. Literally, every time.

(who don't work at firms that, um, helped securitized all these awful loans and are thus conflicted out of this sort of thing...):

About Philadelphia Foreclosure Rescue Effort ("FReE")

Philadelphia FReE offers pro bono attorney assistance to low-income homeowners facing foreclosure at conciliation conferences where homeowners have the opportunity to negotiate to save their homes. To be effective, Philadelphia FREE needs as many pro bono attorneys as possible. With representation, homeowners who cannot afford legal services have the opportunity to work out an affordable loan modification or payment arrangement. Transactional attorneys are encouraged to participate!

Through the Residential Mortgage Foreclosure Diversion Pilot Program, instituted in April by Philadelphia Court of Common Pleas President Judge C. Darnell Jones and Judge Annette Rizzo, hundreds of homeowners will be offered free housing counseling in advance of this conciliation conference and an opportunity to negotiate to save their homes.

The President Judge, Judge Rizzo and Philadelphia VIP are asking attorneys to volunteer for the Philadelphia Foreclosure Rescue Effort (Philly FReE). Philadelphia VIP is the City’s premier pro bono referral agency, and nearly 60% of its clients are women. The mortgage foreclosure diversion program has garnered national attention but will need the investment of pro bono attorneys to help clients work out an affordable loan modification or payment arrangement.

There are 1,669 Sheriff’s Sales for mortgage foreclosures that were postponed in April and May, and an estimated 80% of them are owner-occupied. Assuming that some cases are resolved and others are abandoned, the City estimates that between 670 and 1000 cases will be conferenced.

The time commitment for volunteer attorneys is minimal when compared to other types of pro bono cases, such as those that require a full blown arbitration or trial, and volunteer attorneys also will receive 2 free CLE credit hours. During the first few months of the program, volunteer attorneys will spend one morning or afternoon per month to attend conciliation conferences for several clients in one day. However, after the first several months, the court’s backlog from the postponed April and May sheriff sales will be reduced and should ease the time commitment. This volunteer work requires only attending the conciliation conference and making some pre-conference calls to client and opposing counsel. Training will make volunteers aware of when further litigation should be pursued by another attorney.

Training will be held on Tuesday, June 3, from 8:30 to 11 a.m. at the 11th floor Conference Center of the Philadelphia Bar Association, 1101 Market St., and will include Judge Rizzo as well as borrowers’ and lenders’ attorneys. Attorneys will receive the 2 hours of free substantive CLE credit by attending two complete morning or afternoon conciliation sessions. Breakfast will be provided through the joint support of the Business Law and Real Property Sections of the Philadelphia Bar Association.