In March 2009, Filene teamed with the Michigan Credit Union League and Consumer Researcher Bob Manning, to explore the problem of foreclosures in the state of Michigan. The resulting report highlighted 10 ideas to decrease the number of foreclosures. One of these ideas, Shared-Equity Agreements, struck a chord among league executives and they asked Filene and Manning to research this idea further.
The resulting report, “Using Shared-Equity Agreements to Reduce Foreclosures: Policy and Analysis,” aims to address the needs of under water consumers by creating a market incentive that shares the risk and financial gain between the mortgage holder and the consumer arising from a rapidly established and stabilized housing price floor.
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