A Faded Dream Leads to Vacant Neighborhoods

A Faded Dream Leads to Vacant Neighborhoods The Crisis of Housing in 2007 in Hamilton County May 6, 2008 3,183 Mortgage Foreclosures Completed in Hamilton County, OH in 2007 Analysis Provided by: Working In Neighborhoods Working In Neighborhoods 1814 Dreman Avenue, Cincinnati, Ohio 45223, 513-541-4109 www.wincincy.org

Working In Neighborhoods Working In Neighborhoods is a Cincinnati-based non-profit organization that strives to stabilize neighborhoods and families through home ownership. Since 1978, WIN has been an effective force in helping low and moderate-income Hamilton County residents to bring stability to their communities and their families. WIN helps low and moderate-income families grasp the dream of home ownership by developing homes and eliminating barriers to home ownership. WIN rehabs and builds homes as a means of revitalizing communities and helping families. WIN specializes in helping low income families become homeowners and in moving families from public housing into home ownership. In order to help low-income home owners better afford to maintain their homes, WIN annually educates 1,100 low-income Duke Energy customers about how they can save money on their utility bills. By working side-by-side with neighborhood, civic and business leaders, WIN has: Helped over 8,500 low and moderate-income families become home owners Increased home values in targeted areas by as much as 25% Built or renovated 137 homes and sold them to first-time homebuyers Developed relationships with 6 local banks that have produced investments of over $700 million in mortgage loans in low and moderate-income neighborhoods Since 2002, WIN has worked to abate the foreclosure crisis in our community, we have: Partnered with the City of Cincinnati and Hamilton County to create a pool of rescue funds for City residents in foreclosure WIN has helped convene a collaboration of service providers to address Hamilton County s foreclosure crisis. Saved 222 Homes from foreclosure, protecting over $14.5 million in assets Working In Neighborhoods 2

INTRODUCTION This report continues Working In Neighborhood s (WIN) on-going study of foreclosures in Hamilton County. In May 2003, WIN hosted a Foreclosure Crisis Forum to mark the release of its study, The Silent Crisis in our Neighborhoods: A Study of Foreclosures in Hamilton County in 2002. Since 2003 WIN has held additional forums and released the following studies: Our Vacant Neighborhoods: A Study of Foreclosures in Hamilton County in 2003, Homeownership Is it a Fading American Dream? A Study of Foreclosures in Hamilton County in 2005 with selected information from 2004, and The American Dream Continues to Fade! A Study of Foreclosures in Hamilton County in 2006. The number of families losing their homes to the auction block has continued to grow each year since 2002. A Faded Dream Leads to Vacant Neighborhoods The Crisis of Housing in 2007 in Hamilton County will show that the crisis has grown by 132% since our initial study in 2002. This study shows that foreclosed homes are a silent problem that cost not only the families losing their home, but also the neighborhood and the municipality. In a single foreclosure case, everyone involved receives a negative impact: a family loses their home; one more vacant house is added to the neighborhood; and the municipality where the home is located experiences financial burden. Residents living near the foreclosed property bear the burden of the foreclosure including crime, litter, and drug dealing. Instead of dealing with these issues some residents are choosing to sell their homes and leave the neighborhood. Municipalities suffer from hidden cost that blend into their daily cost of maintenance of vacant properties caused by bank foreclosures including demolition cost, increased policing, increased burden on fire departments (due to vandalism or arson), building inspections, legal expenses, and costs associated with property maintenance issues. To date these costs are born by the taxpayers and not the banking community. This report will illustrate that, not only has the foreclosure epidemic continued since our initial study was released in 2002 but the rate of foreclosures has continued to increase in almost every community in Hamilton County. WIN has worked with community groups that have addressed this issue with individual mortgage companies and public officials to save families from losing their homes. However, a more comprehensive solution must be found. Working In Neighborhoods 3

REPORT PROCESS Data Source All foreclosure data in this report was recorded, to the best of our abilities, as it appeared in the Cincinnati Court Index. For each property filed for foreclosure, we associated mortgage companies listed as plaintiffs by the Court Index in the Monday, first-week s listing of Sheriff Sales as having responsibility for that foreclosure. In a Sheriff Sale listing of more than one plaintiff (e.g. a listing identifying the lending institution in addition to a loan servicer, trust and/or nominee), all companies were counted in relation to that foreclosure. Parent Companies Regarding parent companies, we organized mortgage companies under their respective parent companies, to the best of our knowledge, based on information provided by the National Information Center of the Federal Reserve System and other sources. We calculated the total number of foreclosures in which each parent company was involved by combining the foreclosures performed by all respective subsidiary and affiliate companies. For example, Wells Fargo Bank N.A. includes all Sheriff Sales in which Wells Fargo Bank N.A., Wells Fargo Bank Minnesota, Wells Fargo Financial Acceptance America, Inc., Wells Fargo Home Mortgage, and Wells Fargo Financial Ohio were involved. In this report, parent companies with 75 or more foreclosure cases were selected for review. The list includes: Wells Fargo & Company, Deutsche Bank, U.S. Bank, Citigroup, J.P. Morgan Chase, Countrywide Home Loan, Bank of New York, HSBC Bank, Fifth Third Bank, Mortgage Electronic Registration Systems, National City Bank, Bank of America, and Washington Mutual. Appendix I contains the complete list of lenders and number of foreclosures per lender. Data This report offers foreclosure numbers for the year 2007. Actual data was recorded January 1 December 31, 2007. Working In Neighborhoods 4

KEY FINDINGS In 2007, a total of 5182 properties in Hamilton County were listed in the first week s Sheriff Listing of the Monday edition of the Cincinnati Court Index. WIN considers this astounding number as a sign of how many homeowners are facing severe financial difficulties with their mortgage loans and the many communities that are suffering from the impact of foreclosed homes. WIN believes it is important to develop some type of interaction with the borrower before the first listing to decrease the negative impact on the family, neighborhood, and municipality. This will take cooperation from financial institutions, government, and community organizations as well as the family. The actual Sheriff s Sale takes place five Thursdays after its first listing. In 2007 3,183 properties or 61.42% were sold at Sheriff s Sale. Homes sold at Sheriff s Sale are referred to as completed foreclosures in this report. In the completed foreclosures the previous owner relinquished possession of the home. The remaining 1999 properties or 38.58% were pulled from Sheriff s Sale. In those cases the homeowner was able to save their property or it was reintroduced for Sheriff s Sale at a later date. WIN has seen a pattern of reintroduction to Sheriff s Sale that we are not yet able to quantify. Chart 1 shows the number of homes threatened by foreclosure in Hamilton County in 2007. Chart 1: Number of Homes Threatened by Foreclosure in Hamilton County in 2007 Working In Neighborhoods 5

The number of homes listed and sold at Sheriff s Sale has increased since WIN began tracking foreclosures in 2002. The continued increase is having a negative impact on Hamilton County. Chart 2 below illustrates the continued increase in homes listed for Sheriff Sale and the number of completed foreclosures in Hamilton County from 2002 through 2007. Chart 2: Increasing Rate of Foreclosures 2002 2007 Chart 3 compares the number of homes listed for Sheriff Sale, the number sold, and the number not sold in 2006 and 2007. Although there was an increase of 455 first listings in 2007 over 2006 the percentage that were sold at Sheriff Sale decreased by 2.67%. This could indicate any of the following factors: the loss mitigation process is more accessible to borrowers and/or lenders are more willing to work with families, the families are receiving delinquency / foreclosure prevention counseling and able to remain in their homes, the volume of delinquent borrowers is delaying the foreclosure sale process. Chart 3: 2006 and 2007 Homes Sold vs. Not Sold Working In Neighborhoods 6

Table 1 below lists the percentage of completed foreclosures vs. the first weeks Sheriff s Sale listing. From 2002-2004 the percentage increased. In 2005 there was a 13.9% decrease in the number of completed foreclosures from 2004. In 2006 there was an 8.9% decrease in the number of completed foreclosures from 2005. Although the there was a decrease in 2005 and 2006 WIN has seen a pattern of reintroduction for Sheriff Sale that we are not yet able to quantify. In 2007 there was a 2.7% decrease in the number of completed foreclosures from 2006. Table 1: Percentage Change in Completed Foreclosures 2002-2006 Data 2002 2003 2004 2005 2006 2007 Number of properties listed in First Week s Sheriff s Sale Listing Number of properties actually sold at Sheriff s Sale (completed foreclosures) Percent of Completed Sales vs. First Week s Listing 2114 2865 2926 3528 4727 5182 1371 1856 2542 2575 3030 3183 64.9% 64.8% 86.9% 73.0% 64.1% 61.4% Foreclosures in Our Communities Hamilton County has 373,393 housing units. Of those 207,533 are owner occupied. To increase the homeownership rate by 1% an additional 3,733 homes would need to be owner occupied. In 2007 Hamilton County lost 3183 homes or.85% due to foreclosure. The data can be found in Appendix II. Map 1 illustrates the number of foreclosures per zip code for Hamilton County. While the number of foreclosures is up all over Hamilton County there are several areas that have a higher concentration of completed foreclosures. The two zip codes with the most completed foreclosures were zip code 45231 and 45205. Both zip codes are highlighted in red. Working In Neighborhoods did an analysis of both zip codes that were extremely hard hit by the foreclosure crisis in 2007. WIN compared completed foreclosure data for each of the target areas for 2006 and 2007. The analysis can be found in Appendix III. Working In Neighborhoods 7

Map 1: Foreclosures for Hamilton County in 2007 by Zip Code The political jurisdiction with the most foreclosures completed in Hamilton County was the City of Cincinnati 1,514 or 47%. Other communities troubled by high foreclosure rates in 2007 were Colerain Township 267, Springfield Township 197, Forest Park 143, and Green Township 114. Over 52% of the completed foreclosures in Hamilton County happened outside of the City of Cincinnati. Table 2 lists the completed foreclosures according to political jurisdiction and the number of foreclosures. Table 2: Completed Foreclosures by Political Jurisdiction in 2007 & 2006 Rank Jurisdiction 2007 2006 Rank Jurisdiction 2007 2006 1 City of Cincinnati 1514 1533 24 Blue Ash 17 10 2 Colerain Township 267 233 25 Woodlawn 17 15 3 Springfield Township 197 174 26 Deer Park 16 15 Symmes 4 Forest Park 143 133 27 Township 16 8 5 Green Township 114 85 28 Wyoming 16 8 6 Norwood 91 97 29 Miami Township 14 18 Columbia 15 7 North College Hill 78 75 30 Township 13 8 Delhi Township 72 74 31 Madeira 12 13 9 Cheviot 56 37 32 Sharonville 12 19 10 Anderson Township 49 42 33 Green Hills 11 13 Working In Neighborhoods 8

11 Sycamore Township 48 40 34 Addyston 10 13 12 Harrison Township 43 33 35 Amberley Village 8 2 13 Golf Manor 42 28 36 Fairfax 8 7 14 Mt. Healthy 37 33 37 Newtown 6 9 15 St Bernard 34 22 38 Evendale 4 3 16 Reading 30 24 39 Glendale 3 11 17 Loveland 28 21 40 Indian Hill 3 2 18 Springdale 25 26 41 North Bend 3 3 Whitewater Township 3 7 19 Cleves 24 14 42 20 Lincoln Heights 24 32 43 Arlington Heights 2 7 21 Silverton 24 14 44 Crosby Township 2 0 22 Lockland 22 21 45 Mariemont 2 3 23 Elmwood Place 21 27 46 Montgomery 2 8 Total 3183 3030 Foreclosures in our Cincinnati Neighborhoods The City of Cincinnati has 165,945 housing units. Of those 57,655 are owner occupied. To increase the homeownership rate by 1% an additional 1,659 homes would need to be owner occupied. In 2007 the City of Cincinnati lost 1,514 homes or.91% due to foreclosure. If this foreclosure trend continues the homeownership rate for the City of Cincinnati will not increase. The data can be found in Appendix II. Within the City of Cincinnati, we found certain neighborhoods were drastically impacted more than others. The West Price Hill neighborhood suffered the most with 169 homes sold at Sheriff Sale. Table 3 lists all of the foreclosures within the City of Cincinnati by neighborhood. Table 3: Foreclosures in the City of Cincinnati by Neighborhood in 2007 & 2006 Rank Neighborhood 2007 2006 Rank Neighborhood 2007 2006 1 West Price Hill 169 141 25 North Fairmount 15 21 2 Westwood 148 136 26 Sayler Park 15 10 3 East Price Hill 127 181 27 West End 15 15 4 Madisonville 90 80 28 Hartwell 14 22 5 Northside 88 89 29 East Walnut Hills 11 12 6 Avondale 85 94 30 Oakley 11 4 South 7 College Hill 80 89 31 Cumminsville 11 17 8 Bond Hill 66 64 32 Sedamsville 10 12 Columbia 9 Evanston 64 91 33 Tusculum 8 8 10 South Fairmount 45 70 34 East End 8 11 11 Roselawn 44 31 35 n/a 8 0 Working In Neighborhoods 9

12 Mt. Auburn 41 46 36 Paddock Hill 8 2 13 Walnut Hills 40 33 37 Hyde Park 7 5 14 Kennedy Heights 36 45 38 Millvale 6 9 15 Mt. Airy 32 21 39 Corryville 5 11 Clifton Heights, University Heights, Fairview 30 25 40 Camp Washington 4 2 16 17 Clifton 22 7 41 Lower Price Hill 4 5 18 Mt. Washington 22 18 42 Mt. lookout 4 2 19 Winton Place 22 15 43 Linwood 3 5 20 Carthage 21 11 44 California 1 5 21 Over-the-Rhine 21 15 45 CBD 1 0 22 Pleasant Ridge 19 16 46 Pendleton 1 3 23 North Avondale 16 21 47 Riverside 1 4 24 East Westwood 15 9 Total 1514 1533 Top Lenders Foreclosing in 2007 In this report, parent companies with 75 or more foreclosure cases were selected for review. In 2007 thirteen parent companies had over 75 foreclosures. Appendix I contains the complete list of lenders and number of foreclosures per lender. Chart 4 illustrates how many properties each of the top parent companies sent to the first week s Sheriff s Sale listing of the Monday edition of the Cincinnati Court Index. The first week s Sheriff s Sale figures suggest that mortgage lenders are associated with even more families who are in financial trouble. The numbers also show what share of those filed foreclosures were completed and sold on the auction block at the Sheriff s Sale (occurring five Thursdays after the first week s Sheriff s Sale listing). Chart 4: Foreclosures Completed and Not Completed in 2007 by Lender Working In Neighborhoods 10

Table 4 lists the parent companies with their respective subsidiary and affiliate companies. Included in the table are the number of completed foreclosures, the number of first weeks listing, the percentage of completed versus listed, and the lenders percent of completed foreclosures in Hamilton County in 2006 and 2007. These parent companies make up 72.2% of the completed foreclosures in Hamilton County in 2007. Table 4: Parent Companies with over 75 Completed Foreclosures in 2007 Lenders Wells Fargo Bank, Minnesota, N.A., Wells Fargo Bank, N.A., Wells Fargo Financial Ohio 1, Inc., Wells Fargo Home Mortgage, Inc Completed Foreclosure s 2007 First Week s Listing 2007 % Completed vs. Listed 2007 % of Foreclosure s Completed in 2007 % of Foreclosure s Completed in 2006 334 543 61.51% 10.49% 11.0% Deutsche Bank 320 510 62.75% 10.05% 8.4% U.S. Bank Consumer Finance., U.S. Bank N.A 303 493 61.46% 9.52% 7.5% Chase Home Finance, Chase Manhattan Bank, USA., Chase Manhattan Mortgage Corporation, JP Morgan Chase Bank, JP Morgan Mortgage Acquisition Corporation, JP Morgan Mortgage Acquisition Corporation, JPMorgan Chase Bank, N.A, Bank One 230 336 68.45% 7.23% 9.4% ABN AMRO Mortgage Group, CitiBank, N.A..Citicorp Trust Bank, Citifinancial Mortgage Company, Citifinancial, Inc, Citigroup Global Markets Realty Corporation, CitiMortgage, Ameriquest Mortgage Co. Countrywide Bank, FSB., Countrywide Funding Corporation., Countrywide Home Loan 221 396 55.81% 6.94% 10.5% 153 233 65.67% 4.81% 2.8% Working In Neighborhoods 11

Bank of New York, Bank of New York Trust Company, NA (Mellon Corporation) 151 257 58.75% 4.74% 2.34% HSBC Bank., HSBC Mortgage Corp., HSBC Mortgage Service, Inc. 143 202 70.79% 4.49% 1.72% Fifth Third Bank, Fifth Third Mortgage Center, Fifth Third Mortgage Center Madisonville Operations Center, Fifth Third Mortgage Company Mortgage Electronic Registration Systems 99 159 62.26% 3.11% 2.5% 98 149 65.77% 3.08% 9.3% National City Bank, National City Bank of Indiana, National City Bank of Kentucky, National City Bank of Midwest, National City Bank of Pennsylvania, National City Bank SBMT, The Provident Bank, National City Home Loan Services, Inc., National City Mortgage LaSalle Bank & Bank of America 84 131 64.12% 2.64% 3.0% 83 149 55.70% 2.61%.39% Washington Mutual Bank, Washington Mutual Mortgage Securities Corporation, 82 139 58.99% 2.58% 3.5% Washington Mutual Specialty Mortgage Company ** It is impossible to determine the lenders that utilize the MERS service at this time. Working In Neighborhoods 12

Table 5 lists the number of completed Sheriff Sales in Hamilton County, the City of Cincinnati, and the number completed in Hamilton County excluding the City of Cincinnati. One trend that continued from 2006 is that the majority of completed foreclosures in Hamilton County are outside of the City of Cincinnati. Table 5: Lender s with more than 75 completed sales for Hamilton County and the City of Cincinnati Lender Wells Fargo Bank Minnesota, N.A, Wells Fargo Bank National Association, Wells Fargo Financial Ohio 1, Inc Hamilton County Total City of Cincinnati Total Hamilton County (minus City of Cincinnati) 334 151 183 Deutsche Bank 320 151 169 U.S. Bank 303 152 151 Chase Home Finance, Chase Manhattan Mortgage Corporation, JP Morgan Chase Bank, JP Morgan Mortgage Acquisition Corporation, Bank One ABN AMRO Mortgage Group, CitiBank, N.A., Citicorp Trust Bank, Citifinancial Mortgage Company, Citifinancial, Inc, Citigroup Global Markets Realty Corporation, CitiMortgage, Inc. Ameriquest Mortgage Company Countrywide Bank, FSB, Countrywide Bank, N.A., Countrywide Funding Corporation, Countrywide Home Loans, Inc. Bank of New York, Bank of New York Trust Company, N.A. (Mellon Corporation) HSBC Bank, USA, National Association, HSBC Mortgage Corporation, USA., HSBC Mortgage Services Fifth Third Bank, Fifth Third Mortgage Center, Fifth Third Mortgage Company, Fifth Third Mortgage Company Assignees of Fifth Third Bank, Fifth Third Mortgage Company Madisonville Operations Center 230 110 120 221 96 125 153 78 75 151 74 76 143 54 89 99 55 44 Working In Neighborhoods 13

Mortgage Electronic Registration Systems 98 51 47 National City Bank, National City Bank of Indiana, National City Bank of Kentucky, National City Mortgage Company LaSalle Bank, National Association & Bank of America 84 28 56 83 47 36 Washington Mutual Bank, F.A. 82 39 43 Working In Neighborhoods 14

Appendix I 2007 Completed Foreclosure Sales for Hamilton County by Parent Company Wells Fargo Bank, Minnesota, N.A.Wells Fargo Bank, N.A Wells Fargo Financial Ohio 1, Inc Wells Fargo Home Mortgage, Inc 334 Deutsche Bank 320 U.S. Bank Consumer Finance, U.S. Bank N.A 303 Bank One National Association, Chase Home Finance, Chase Manhattan Bank, USA Chase Manhattan Mortgage Corporation, JP Morgan Chase Bank, JP Morgan Mortgage Acquisition Corporation JPMorgan Chase Bank, N.A 230 ABN AMRO Mortgage Group, Ameriquest Funding II, REO Subsidiary, LLC Ameriquest Mortgage Company, CitiBank, N.A., Citicorp Trust Bank Citifinancial Mortgage Company Citifinancial, Inc Citigroup Global Markets Realty Corporation CitiMortgage 221 Countrywide Bank, FSB, Countrywide Funding Corporation Countrywide Home Loan 153 Bank of New York, Bank of New York Trust Company, NA 151 HSBC Bank, HSBC Mortgage Corp HSBC Mortgage Service, Inc. 143 Fifth Third Bank, Fifth Third Mortgage Center Fifth Third Mortgage Center Madisonville Operations Center Fifth Third Mortgage Company 99 Mortgage Electronic Registration Systems 98 National City Bank, National City Bank of Indiana National City Bank of Kentucky National City Bank of Midwest National City Bank of Pennsylvania National City Bank SBMT, The Provident Bank National City Home Loan Services, Inc. National City Mortgage 84 LaSalle Bank, National Association, Bank of America, N.A., 83 Washington Mutual Bank, Washington Mutual Mortgage Securities Corporation Washington Mutual Specialty Mortgage Company 82 Robert A. Goering 52 GMAC Mortgage Corporation 50 Household Mortgage Funding Corporation, III, Household Realty Corporation, Household Finance Corporation 38 Working In Neighborhoods 15

Nationstar Mortgage 29 Aurora Loan Service, LLC 26 PHH Mortgage Corporation 23 Wachovia Bank National Association, Wachovia Bank of Delaware Wachovia Bank, National Association 21 EverHome Mortgage Company 17 Huntington National Bank 16 American Home Mortgage, American Home Mortgage Acceptance, Inc.American Home Mortgage Servicing, Inc, American Mortgage Network, Inc 13 Guardian Savings Bank, F.S.B 13 Novastar Mortgage, Inc 13 Residential Funding Company, LLC, Residential Funding Corporation Residential Mortgage Solutions,LLC 13 Third Federal Savings & Loan Association, Third Federal Savings & Loan Association of Cleveland 13 Franklin Credit Management 12 Regional Bank 12 Bayview Financial Trading Group LP, Bayview Loan Servicing 11 Midfirst Bank, Midfirst Credit Union 11 Beneficial, Ohio, Inc. 10 EMC Mortgage Corporation 10 Sun Trust Mortgage 10 Union Federal Bank of Indianapolis, Union Planters Bank, N.A Union Savings Bank 10 WM Specialty Mortgage 10 American General Financial Services, Inc. 9 Freemont Investment & Loan 9 Indymac Bank, F.S.B 9 Peoples Community Bank 9 DLJ Mortgage Capital, Inc 8 Greenpoint Mortgage Funding 8 Homecomings Financial Network, Homecomings Financial, LLC 8 Morequity, Inc 8 Wesbanco Bank, Inc. 8 Bramble Savings Bank 7 CCO Mortgage Corporation 7 Financial Freedom Senior Funding Corporation 7 Flagstar Bank, FSB 7 MTGLQ Investors LP 7 PNC Bank, N.A 7 Property Asset Management, Inc 7 Working In Neighborhoods 16

Christiana Bank and Trust Company 6 Manufacturers & Traders Trust Company Trustee 6 Merrill Lynch Mortgage Capital, Inc., Merrill Lynch Mortgage Lending 6 Option One Mortgage Corporation 6 Popular Financial Services 6 Advantage Bank 5 Alaska Seaboard Partners Limited Partnership 5 CIT Group Consumer Finance, Inc. 5 Credit Based Asset Servicing & Securitization, LLC 5 Federal National Mortgage Association 5 First Financial Bank, N.A 5 First Horizon Home Loan Corporation 5 Liberty Savings Bank, FSB 5 M & I Bank FSB 5 Opteum Financial Services, Inc 5 Colonial Savings, F.A 4 Eagle Savings Bank 4 Federal Home Loan Mortgage Corporation 4 Foundation Bank 4 Green Tree Servicing, LLC 4 Key Bank National Association 4 Leader Mortgage Company 4 Merchants Bank and Trust Company 4 Provident Bank Successor in Interest to New Century, Provident Funding Associates, L.P 4 Aames Funding Corporation 3 AEGIS Mortgage Corporation 3 Anderson Bank Company 3 Centex Home Equity Company 3 Charter One Bank, N.A 3 Cinfed Employees Federal Credit Union 3 Delta Funding Corporation 3 Franklin Savings & Loan Company 3 Freedom Mortgage Corporation 3 Taylor Creek Condominium No. 2 Owners Association, Taylor, Bean and Whitaker Mortgage Corporation 3 Trustcorp Mortgage Company 3 Valley Central Savings Bank 3 Aames Home Loan 2 Avelo Mortgage, LLC 2 Bank National Trust Company 2 Bank of Kentucky, Inc 2 Butler Equities, Inc 2 Cheviot Savings Bank 2 Working In Neighborhoods 17

Clifton Heights Savings & Loan 2 Fargo Bank National Association Trustee 2 First National Bank of Arizona 2 First Place Bank 2 GB Home Equity, LLC 2 GRP Loan, LLC 2 Gulf Coast Bank & Trust Company 2 H & R Block Bank 2 Harrison Building & Loan Association 2 M & T Mortgage Corporation 2 Monument Street Funding, LLC 2 Sovereign Bank 2 Standard Federal Bank 2 TCIF REO GCM LLC 2 UMTH Lending Company LP, 2 Villages of Northgate Condominium Unit Owners Association, Inc 2 Warsaw Federal Savings & Loan Association 2 1 M, Inc 1 1st Source Bank 1 Accredited Home Lenders, Inc 1 Airy Pointe Condominium Unit Owners' Association, Inc. 1 Altegra Credit Company 1 American Church Mortgage Company 1 AMRO Mortgage Group, Inc 1 Amtrust Bank 1 Annie Lousie Pelham 1 ASMC Servicing, Ltd 1 Asset Backed Pass Through Certificates 1 Bank United, FSB 1 Bankers Trust Company 1 BankUnited, FSB 1 BayHolding, Inc 1 Baytree Lending 1 Beal Bank, SSB 1 Belvedere Condominium Unit Owner's Association, Inc 1 Cadle Company, II, Inc 1 Calvin J. Reynolds 1 Canterbury Row Condominium Unit Owners Association 1 Center Bank 1 Central Park Condominium Owners Association, Inc 1 Champion Mortgage 1 Charles Warner 1 Cincinnatus Savings and Loan Company 1 Cinco Federal Credit Union 1 Working In Neighborhoods 18

Cintel Federal Credit Union 1 Citizens Bank of Northern Kentucky, Inc 1 City Mortgage Company 1 Clermont Savings Bank 1 Colerain Township 1 Colonial National Mortgage 1 Columbia Savings Bank 1 Commonwealth United Mortgage 1 Consumer Solutions REO, LLC 1 D.L.J. Mortgage Capital, Inc 1 Daniel J. Wenger 1 DB Structured Products, Inc 1 Eastern Savings Bank 1 Encore Credit Corporation 1 Federal Savings & Loan Association of Cleveland 1 Finance America, LLC 1 First City Bank 1 First Franklin Financial Corporation 1 First National Bank of Germantown 1 Gables Home Owners Association 1 General Electric Evendale Employees Federal Credit Union 1 Greater Cincinnati School Employees Credit Union, Inc 1 Hartke & Associates, Inc. 1 Home Equity of America, Inc 1 Home Loans, Inc. 1 Home Servicing Corporation 1 Humbert Mortgage, Inc 1 Investaid Corporation 1 Investors Mortgage Lending, Inc 1 Ivanhoe Financial, Inc 1 Jessica Anne Scully 1 KRM 1 Lehman Capital 1 Lexington South Homeowners Association, Inc. 1 Long Beach Mortgage Company 1 Lot King Limited Partnership 1 Madison House Condominium Owners Association, Inc 1 Matrix Financial Services 1 Michael Sherrill 1 Morgan Stanley Mortgage Capital 1 Mortgage Loan Trust 2005-FFH3 1 Mortgage, LLC 1 National Bank & Trust Company 1 Nationwide Advantage Mortgage Company 1 Natixis Real Estate Capital, Inc. 1 Working In Neighborhoods 19

Navy Federal Credit Union 1 NetBank 1 New Century Mortgage Corporation 1 New York Community Bank 1 NMC Financial of Ohio, LLC 1 Nomura Capital and Credit, Inc 1 Norman T. McCollum 1 North Side Bank & Trust Company 1 Northgate II Condominium Unit Owners Association Inc. 1 Oak Hill Banks 1 Oak Leaf Realty Company 1 Ocwen Loan Servicing, LLC 1 Ohio Savings Bank 1 Ownit Mortgage Solutions, Inc 1 Park National Bank 1 Patricia Lavat 1 Patrick Riley Executor of the Estate of Katherine Riley 1 Paul Davis Systems 1 PRAMCO CV6, LLC 1 Preferred Investments, LLC 1 R E O Properties Corporation 1 REMIRF, Inc. 1 Richard B. D'Louhy & Lynn B. D'Louhy 1 Robert Frederick Gerst Pembaur 1 SBC Bank, USA National Association 1 Select Portfolio Services, Inc 1 Seven Gardens Condominium Unit Owners 1 Sky Bank 1 SN Servicing Corporation 1 Southbank 1 SouthStar Funding, LLC 1 Southwest Capital Investments, LLC 1 SOWAMCO XXX Ltd 1 Stanley L. & Carol A. Pelham 1 State Street Bank and Trust Company 1 States Resources Corporation 1 Suketan Patel 1 Sutton Bank 1 Tall Timbers Condominium Unit Owners Association, Inc 1 TCF National Bank of Minnesota 1 Truman Capital Mortgage 1 Twin Lakes Condominium Unit Owners Association, Inc. 1 Victor Street 1 Victory Community Bank 1 Viet H. Lee 1 Working In Neighborhoods 20

Watermark Financial Partners 1 Wendover Financial 1 William R. Wakley 1 William S. Lehrner 1 Willowbrook Capital, LLC 1 Wilmington Trust Company 1 World Savings Bank, FSB 1 Wright Patt Credit Union, Inc 1 1 Working In Neighborhoods 21

Appendix II Impact of Foreclosures to Home Ownership Rate in the City of Cincinnati and Hamilton County in 2007 City of Cincinnati Hamilton County Total Population 330,662 Total Population 845,303 Total Housing Units 165,945 Total Housing Units 373,393 Occupied Housing Units 147,991 Occupied Housing Units 346,790 Owner Occupied Housing Units 57,665 Owner Occupied Housing Units 207,533 Homeownership rate 34.75% Homeownership rate 55.58% Number of Homes Foreclosures 1,514 Number of Homes Foreclosures 3183 % of Home Foreclosures to Owner Occupied 2.63% % of Homes Foreclosures to Owner Occupied 1.53% Source: US Bureau of Census 2000 Working In Neighborhoods 22

Appendix III Zip Code Case Study While the number of foreclosures is up all over Hamilton County there are several areas that have a higher concentration of completed foreclosures. WIN took a closer look at two areas that were extremely hard hit by the foreclosure crisis in 2007. The focus was on zip code 45231 which includes predominately jurisdictions located in the county. WIN also focused on the combined totals of zip codes 45204, 45205, & 45238. WIN compared completed foreclosure data for each of the target areas for 2006 and 2007. Zip Code 45231 Zip code 45231 has 16,740 total housing units. Of those 12,031 are owner occupied housing units. To increase the homeownership rate by 1% an additional 167 homes would need to be owner occupied. In 2007 zip code 45231 lost 257 homes or 1.54% due to foreclosure. In 2007 zip code 45231 had the highest number of completed foreclosures of any zip code in Hamilton County. Zip code 45231 ranked second in 2006 with 218 completed foreclosures. In a two year period that is a loss of 475 or 2.84% owner occupants. Zip Code 45231 Total Population 42,078 Total Housing Units 16,740 Occupied Housing Units 16,172 Owner Occupied Housing Units 12,031 Homeownership rate 71.87% Number of Homes Foreclosures in 2007 257 % of Home Foreclosures to Owner Occupied 2.14% Source: US Bureau of Census 2000 The table below lists the lenders with ten or more foreclosures in zip code 45231 in 2007 and or 2006. In 2007 the nine lenders listed below represent 64% of the foreclosures completed in zip code 45231. These same lenders represent 62% of the foreclosures completed in 2006. Lender Wells Fargo Bank Minnesota National Association, Wells Fargo Bank NA, Wells Fargo Financial Ohio I, Inc Completed Foreclosures in 2007 % of 2007 Completed Foreclosures Zip Code 45231 Completed Foreclosures in 2006 32 12.5% 19 8.7% % of 2006 Completed Foreclosures Zip Code 45231 Working In Neighborhoods 23

Deutsche Bank Company of 28 10.9 14 6.4% California, Deutsche Bank National Trust Deutsche Bank Trust Company Americas U.S. Bank N.A. 25 9.7% 11 5.0% ABN AMRO Mortgage Group, 21 8.1% 19 8.7% Citifinancial Mortgage Company, Inc., Citifinancial, Inc., Citimortgage, Inc Chase Home Finance, LLC; 17 6.6% 21 9.6% Chase Manhattan Mortgage Corp.; JP Morgan Chase Bank, Bank One National City Bank; National City 11 4.3% 6 2.7% Mortgage Co. Washington Mutual Bank 11 4.3% 7 3.2% Mortgage Electronic Registration 11 4.3% 28 12.8% Systems, Inc Bank of New York 9 3.5% 10 4.6% Working In Neighborhoods 24

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Zip codes 45204, 45205, and 45238 Zip code 45204, 45205, & 45238 has 33,719 total housing units. Of those 17,904 are owner occupied housing units. To increase the homeownership rate by 1% an additional 337 homes would need to be owner occupied. In 2007 zip code 45204, 45205, & 45238 lost 425 homes or 1.26% due to foreclosure. In 2007 and 2006 combined zip codes 45204, 45205, & 45238 lost of 853 or 2.53% owner occupants. Zip Code 45204, 45205, & 45238 Total Population 77,970 Total Housing Units 33,719 Occupied Housing Units 31,157 Owner Occupied Housing Units 17,904 Homeownership rate 53% Number of Homes Foreclosures in 2007 425 % of Home Foreclosures to Owner Occupied 2.37% Source: US Bureau of Census 2000 The table below lists the lenders with ten or more foreclosures in zip code 45204, 45205, & 45238 in 2007 and 2006. In 2007 the eleven lenders listed below represent 71.5% of the foreclosures completed in zip code 45204, 45205, & 45238. These same lenders represent 74.7% of the foreclosures completed in 2006. Lender Completed Foreclosures in 2007 % of 2007 Completed Foreclosures Completed Foreclosures in 2006 % of 2006 Completed Foreclosures Wells Fargo Bank, Wells Fargo Bank, N.A Wells Fargo Financial Ohio 1, Inc 51 12% 36 8.4% U.S. Bank 38 8.9% 38 8.9% 35 8.2% 45 10.5% Deutsche Bank National Trust Company ABN AMRO Mortgage Group, CitiBank, N.A. Citifinancial, Inc Citimortgage, Inc. Countrywide Home Loans 31 7.3% 46 10.7% 30 7.1% 7 1.6% Working In Neighborhoods 26

Bank of New York Trust Company, NA, Bank One National Association Chase Home Finance, Chase Manhattan Mortgage Corporation JP Morgan Chase Bank HSBC Bank USA National Association Fifth Third Mortgage Company Mortgage Electronic Registration Systems, Inc Washington Mutual Bank Bank of America, LaSalle Bank NA 25 5.9% 9 2.1% 26 6.1% 29 6.8% 18 4.2% 3.7% 16 3.8% 16 3.7% 15 3.5% 66 15.4% 11 2.6% 15 3.5% 8 1.8% 10 2.3% Working In Neighborhoods 27

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