Smart Money 2011 was a huge success thanks to the help of committed

partners, generous supporters, dedicated volunteers, staff members and sev-

eral hundred people in attendance. The one-day event included a keynote

speech from Retired Bankruptcy Judge Hargrove and concluded with a festive

performance and raffle prizes. Continued page 5

A Newsletter for our Friends & our PartnersA Newsletter for our Friends & our Partners

Quick Links:

www.sandiegortf.org - Visit our website

www.sdhc.org - Housing Information

RTF@sdhc.org - Send us an email

Reports from Hope Now Alliance 2

Fannie Mae Renter’s Program 2

US Bank Student Lending Program 3

Foreclosure Workshop - MMI & NAAC 3

Free Legal Aid 3

Upcoming Events Calendar 4

Smart Money Summit 2011 5

Inside this issue:

CRA MATTERS CRA MATTERS -- Community Reinvestment Act Community Reinvestment Act MattersMatters

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Reinvestment Task Force

NewsletterNewsletterNewsletter

Summer EditionSummer EditionSummer Edition

Find us on Facebook

San Diego Reinvest-

ment Task Force

(619) 578-7538

Email: RTF@sdhc.org

Rick Gentry-CEO San Diego Housing Commission, Council President Young

and County Supervisor Roberts

Here’s a quote from an attendee: Today, I attended the “Smart Money

Summit 2011” and received a wealth of information from how to start a

small business, taking out a small business loan and the importance of es-

tablishing and maintaining good credit. Retired Bankruptcy Judge John

Hargrove facilitated one of the workshops I participated in called “Credit

Abuse Resistance Education” (CARE). It stressed the importance training

young adults to manage their credit cards in a smart way to avoid debt..

Quote of the month:

Page 2

Renters in Fannie Mae-owned properties may be able to stay in their

homes

HOPE NOW Reports 11% Increase in Proprietary Loan Modifications

for Homeowners in July

San Diego RTF Newsletter

According to HOPE NOW, perma-

nent proprietary loan modifications

for the July 2011 were approxi-

mately 56,000, representing an

11% increase over the 50,000

estimated for June. Since HOPE

NOW began reporting data in 2007,

the mortgage industry has

completed almost 4.8 million loan

modifications for homeowners. This

includes more than 4 million

proprietary modifications and

763,071 completed under the Home

Affordable Modification Program

(HAMP). HAMP data reflects modifi-

cations completed through June

2011.

Fannie Mae Tenant-in-Place

Rental Policy

According to Fannie Mae, eligible

renters who want to stay in a

home that has been foreclosed can

sign a month-to-month lease if the

property is owned by Fannie

Mae. The policy, which applies to

properties owned by Fannie Mae,

will help bring stability to commu-

nities affected by high foreclosure

rates.

Eligible renters will be offered a

new month-to-month lease with

Fannie Mae and Fannie Mae will

manage the properties through a

real estate broker or a property

management company. Renters

may also be eligible for financial

assistance if they desire to relo-

cate.

Key data points for July 2011:

Loan modifications:

• Proprietary modifications

were approximately

56,000, up from 50,000 –

an increase of 11%.

• Total permanent loan

modifications for home-

owners in 2011 are ap-

proximately 605,000

An estimated

422,000 or 70%

are proprietary

183,421 or 30% have

been completed under

HAMP (through June

2011 and July TBD).

However, comparing the first

quarter to second quarter this

year, nearly 72,000 fewer

homeowners received loan

modifications (including trial

and “proprietary” modifications

outside the federal HAMP pro-

“Total permanent loan modifications for

homeowners in 2011 are approximately

605,000”

“Shoot for the moon.

Even if you miss, you'll land

among the stars.”

— Les Brown

Program criteria highlights

• To qualify, a renter must live

in the property when it is ac-

quired by Fannie Mae

• Any single-family property is

eligible including two-to-four-

unit properties, condos, co-

ops, single-family detached

homes and manufactured

housing.

• The property must meet state

laws and local code require-

ments for a rental property.

• Fannie Mae will not require

security deposits.

• The property may be marketed

for sale and if sold the prop-

erty would be transferred to

the new owner.

many people are facing the possi-

bility of foreclosure. This program

is designed to explore the options

of foreclosure and what to do if it

is not possible.

Please register online at

http://www.crediteducation.org/

Foreclosure Prevention Work-

shop event details:

Wednesday, Sep. 14, 2011

5:30 p.m. - 8:00 p.m.

2650 Camino Del Rio North

Suite 209

San Diego, CA 92101

Money Management Interna-

tional in collaboration with the

National Asian American Coalition

(NAAC) will present a FREE

Foreclosure Prevention Workshop,

titled ”Keeping the Dream of

Homeownership Alive.” Bad

things happen to good people and

According to U.S. Bank, student

loan customers can now receive

new incentives to graduate. U.S.

Bank encourages students to

complete their degrees with an

added bonus if they graduate with

a cumulative grade point average

(GPA) of 3.30 or higher. A college

education is one of the best

investments you can make, but

sometimes grants, scholarships

and federal loans don't cover all

of your expenses. If that's the

case for you, consider a student

loan from U.S. Bank.

How the Student Loan Program

Work:

• The Good Grades Perk

rewards students with a 1%

principal reduction from their

original loan amount financed

if they graduate with a cumu-

lative GPA of 3.30 or higher.

• The Graduation Perk

rewards students with a 2%

percent principal reduction

from their original loan

amount financed if they show

proof of graduation.

The Graduation and Good Grades

perks are available to anyone who

has applied for a U.S. Bank Fixed

Rate and U.S. Bank No Fee

student loan on or after August 1,

2011. Student loan customers

who qualify for one or both of

these perks will have 12 months

to prove their status and redeem

their loan discount. For more

information, visit the U.S. Bank

Student Loan website at:

www.usbank.com/student-loans.

Legal Aid is available to low

income individuals for a variety of

legal problems including consumer,

family disputes, welfare and health

benefits among other services.

Their staff will help you and your

family resolve your legal problems

free of charge if you qualify.

Page 3

FREE Foreclosure Prevention Workshop presented by Money

Management International in Collaboration with NAAC

US Bank Offers Student Lending Offers Incentives for Good Grades

Free Legal Aid available to those who qualify

For more information visit

www.lassd.org

Foreclosure Prevention Workshop

Sep 14 5:30 - 8:00 p.m.

Designed to explore the options available to save a home from

foreclosure and what to do if it is not possible. Presented by

Consumer Credit Counseling Services.

2650 Camino Del Rio North Suite 209, San Diego, CA 92101

For more information: http://www.crediteducation.org/

ACCION San Diego HOSTS free Retirement &Tax Planning Workshop-

Joe & Vi Jacobs Center Sep 22 8:00 - 10:00 a.m.

This workshop will teach small business owners how to prepare for

retirement through investment and financial planning.

To register, visit http://tinyurl.com/RetirementTaxPlanning or call Joseph at (619) 795-7250 ext. 409.

Financial Literacy for college students

More and more college students are getting themselves into credit

card debts and student loans. Undergrad students are leaving the

educational institutions with an average debt of $38,000. For more

info. visit Mind Treasures website for details.

http://mindtreasures.com/collegestudents.php

Begin Pre-Bankruptcy Counseling by Phone with Springboard

Call the Pre-Bankruptcy Counseling Department at

1 (888)-425-3453

Springboard has nonprofit bankruptcy counselors available, who

speak English or Spanish, that will guide you through your bank-

ruptcy education process.

http://credit.org/bankruptcy

1122 Broadway, Suite 300

San Diego, CA 92101

Mayor Jerry Sanders and the

City of San Diego invite you to

attend this FREE event sponsored

by the Financial Planning Assoc.

and the Mayor’s Office to provide

one-on-one personalized financial

planning advice and financial

workshops.

Topics: budgeting, credit and

debt, investing, retirement taxes,

homeownership, estate planning,

insurance, employee benefits, edu-

cation savings, small business

and many more!

SATURDAY,

OCTOBER 8, 2011

10:00am–3:00pm

Joe & Vi Jacobs Center

404 Euclid Avenue

San Diego

It’s all free. Bring a friend!

Phone: 619-578-7538

E-mail: RTF@sdhc.org

SAN DIEGO FINANCIAL SAN DIEGO FINANCIAL

PLANNING DAY EVENT PLANNING DAY EVENT

SATURDAY SATURDAY -- October 8th 2011 October 8th 2011

Page 4 San Diego RTF Newsletter

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CALENDAR OF EVENTS SUMMER 2011

UPCOMING EVENTS - MARK YOUR CALENDARS!

Page 5

FEEDBACK RECEIVED BY SMART MONEY SUMMIT ATTENDEES WAS POSITIVE

Another quote from an attendee:

“In a time where support for

middle income families is dimin-

ishing rapidly and financial deci-

sions are being made all around

us in an ever more confusing

and overwhelming environment,

never has a more relevant and

timely summit taken place to

address a community full of

hope and thirst for knowledge.

The 2011 Smart Money Summit

was much more than just a

good idea, it clearly covered a

pressing need for financial

education within the San Diego

community. During the summit

everyone attending was able to

understand the importance and

consequences of financial

decisions from an individual

standpoint and the impact on

our financial wellbeing when

others, whether in

government or

financial institu-

tions make their

own decisions –

all of which affect

our bottom-line as

taxpayers and clients respec-

tively. It was great to see that

wherever you looked, inside or

outside the venue, people were

engaged with the conference

taking place or talking with any

of the attending sponsors,

sometimes having private

discussions in any of the private

conference rooms that were

made available for that

purpose. All the right informa-

tion was only steps away from

the main conference podium, all

the right people were under

same roof ready to answer any

questions, all made possible

and very well organized by the

San Diego RTF.” - Luis M.

Council President Young with Smart Money Partners and Staff

To view more Smart Money Pictures click on link http://www.sandiegortf.org/?p=105

Council President Young with Aida V. from SDG&E