Governor Crist Accepts Recommendations of Florida Hope Task Force

~~ ~~ ~~ Investing in Florida's green technology to be focus ~~ ~~ ~~

TALLAHASSEE – Governor Charlie Crist today accepted the final recommendations of the Florida Home Ownership Promotes the Economy (HOPE) Task Force. Lt. Governor Jeff Kottkamp, chair of the Florida HOPE Task Force, delivered the recommendations to the Governor, the President of the Senate and the Speaker of the House.

“These recommendations will serve to guide our state’s efforts to preserve homeownership for every Floridian,” said Governor Crist. “I appreciate the incredible leadership of Lt. Governor Kottkamp and the quick and thorough approach the task force members have taken to this critical issue.”

The Florida HOPE Task Force’s action plan released today recommends specific strategies for the state to address foreclosure challenges for Florida’s families. The final recommendations identify three primary areas of focus for action: homestead preservation, foreclosure prevention and consumer protection.

“I thank my colleagues on this task force for their careful review of Florida’s foreclosure rate and their contributions to these final recommendations,” said Lt. Governor Kottkamp. “This report will be fundamental for shaping policy in Florida to give hope to those struggling to stay in their home.”

The task force report recommends that the state of Florida:

• Urge loan services and investors to pursue all workout options and dedicate resources to foreclosure prevention
• Establish the Home Ownership Preservation Center to provide a centralized location for distribution of foreclosure prevention information
• Encourage the creation of programs in schools to increase financial literacy
• Require mortgage lenders to disclose when borrowers may qualify for a mortgage other than subprime, high–cost or non-traditional loans
• Create the HOPE Council and Mortgage Fraud Task Force to provide continued guidance on legislation, regulation, education and foreclosure prevention efforts

“Our work is just beginning,” said Chief Financial Officer Alex Sink. “We need to strengthen our state’s role in educating consumers, implementing greater consumer protections, and helping hard working families keep their homes.”

Established by Executive Order 08­27, the HOPE Task Force gathered perspectives from experts in the mortgage and banking industries, as well as consumer advocates and policy experts, in developing an action plan to address Florida’s escalating foreclosure rate and its impact on Florida’s economy. The complete report of the Florida HOPE Task Force and minutes from each of the four task force meetings are available at www.flgov.com/hope_task_force.