GOVERNOR CRIST CREATES TASK FORCE TO PREVENT HOME FORECLOSURE

Experts in mortgage and banking industries, consumer advocates and policy experts to develop recommendations

Governor Charlie Crist  created the Florida Home Ownership Promotes the Economy (HOPE) Task Force by Executive Order 08-27 to develop an action plan to address Florida’s escalating foreclosure rate. The Florida HOPE Task Force will bring together experts in the mortgage and banking industries, as well as consumer advocates and policy experts, to review Florida’s foreclosure rate and its impact on Florida’s economy.

“Last year one out of every 95 households experienced foreclosure in our state with filings up more than 275 percent over the previous year,” said Florida’s Chief Financial Officer Alex Sink. “Working with the Governor’s H.O.P.E. Task Force, my office will be focused on identifying solutions to help families work through the often confusing and difficult process of retaining their homes.”

“Foreclosure hurts all Floridians by depressing home values and causing families to lose homes, jobs and hope,” said Governor Crist. “As this task force comes together to explore solutions, we will search for ways to restore hope to Florida’s families – and to our state’s economy.”

In 2007, Florida ranked second in the number of home foreclosures, with twice as many foreclosures than in 2006. The Florida HOPE Task Force will develop an action plan to address the foreclosure rate and identify ways to preserve home ownership for Floridians.

The task force will meet four times, beginning on March 3, 2008, in Tallahassee. Other meetings are planned for March 19 and April 2, also in Tallahassee. The fourth meeting will be held via conference call on April 9. They will present recommendations to the Governor, Speaker of the House and President of the Senate by April 18, 2008.

Governor Crist appointed Lt. Governor Jeff Kottkamp as chair of the Florida HOPE Task Force. Other members appointed by the Governor are Chief Financial Officer Alex Sink, Senator Bill Posey, Senator Tony Hill, Representative Franklin Sands, Representative Garrett Richter, Alex Sanchez of the Florida Bankers Association, D. Ritch Workman of the Florida Association of Mortgage Brokers, Mike Fields of Bank of America, Thomas Kuntz of SunTrust, Nancy Riley of Florida Realtors Association, Bill Newton of the Florida Consumer Action Network and Steve Auger of the Florida Housing Finance Corporation.

In developing the state action plan to address Florida’s foreclosure rate, the task force will assess Florida’s banking and mortgage industries, including the subprime market and subprime borrowers, as well as the current laws and regulations related to the foreclosure process. They will also identify and assess public and private financial resources and educational opportunities available to assist Florida homeowners.

CFO SINK TO INCREASE FINANCIAL LITERACY AWARENESS DURING FLORIDA SAVES WEEK
DFS to hold financial literacy events across the state

In an ongoing effort to increase financial literacy, Florida Chief Financial Officer Alex Sink announced the Department of Financial Services (DFS) will partner with the Financial Literacy Council, University of Florida Extension offices and local Saves campaigns to host financial literacy events across the state in conjunction with Florida Saves Week, February 24 – March 2, 2008.

“As the state's fiscal watchdog, helping Floridians learn how to manage and protect their money and assets is one of my highest priorities as the state’s fiscal watchdog,” said CFO Sink, who oversees DFS. “It is imperative that Floridians understand the importance of saving and investing their money to avoid debt.”

CFO Sink’s Division of Consumer Services will hold events highlighting the purpose of the Florida Saves campaign: saving money and building wealth. Presentation topics will range from investor education to finding money to save. Consumers interested in participating in Florida Saves activities should visit the Web site www.MyFloridaMoney.com/FLSaves.htm and contact their local Consumer Services office for more information.

CFO Sink is a strong proponent of financial literacy.  Through many community outreach coordinators, the DFS aggressively reaches out to local communities to educate consumers on topics such as the wise use of credit cards for teens, credit card identity theft, hurricane preparedness, small business security, life insurance and first-time homebuyer workshops.  Last year alone, the department conducted over 2,680 outreach events around the state.

Financial literacy education is essential, as recent news reports show that American consumers are living paycheck to paycheck and spending every dollar they earn.  In fact, the U.S. government recently calculated consumer savings at the lowest levels since the Great Depression.  In essence, too many consumers are spending more than they earn and not saving for future needs.