{"id":838,"date":"2013-01-10T18:49:36","date_gmt":"2013-01-10T18:49:36","guid":{"rendered":"https:\/\/ecbiz132.inmotionhosting.com\/~resurr9\/?p=838"},"modified":"2020-01-07T18:36:16","modified_gmt":"2020-01-07T18:36:16","slug":"the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures","status":"publish","type":"post","link":"https:\/\/resurrectionproject.org\/es\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/","title":{"rendered":"The Resurrection Project and Self-Help Federal Credit Union joint venture acquires 1,100 loans to prevent massive foreclosures"},"content":{"rendered":"

Published: November 12, 2012<\/em>
\nOn November 12, 2012, Self-Help Federal Credit Union<\/a> (Self-Help) and The Resurrection Project (TRP) were successful in acquiring 1,100 loans totaling $141 million of face value from the Federal Deposit Insurance Corporation (FDIC). These loans are part of the former Second Federal Savings and Loan (Second Federal) portfolio that the FDIC retained as a result of taking Second Federal into receivership during this past summer<\/a>.
\nSelf-Help and TRP partnered in this venture to ensure Second Federal\u2019s mortgage portfolio would not be auctioned to predatory lenders and prospectors, which likely would have led to more foreclosures in Southwest side Chicago neighborhoods.
\nThe communities served by the former Second Federal have been hit hard by the economic recession. Foreclosures and boarded-up houses have increased in these Southwest side communities of Chicago, which include Back of Yards, Brighton Park, Little Village, and Cicero. The acquisition of Second Federal\u2019s portfolio by TRP and Self-Help was an important first step in preserving home ownership throughout these communities.
\n\u201cThe mission of both TRP and Self-Help is to build healthier communities,\u201d said Raul I. Raymundo, TRP\u2019s Chief Executive Officer. \u201cBut to do so we need to also thwart the deterioration of our neighborhoods. With the acquisition of these loans, we will be helping hundreds of families remain in their homes. The disorder created by foreclosure hampers economic growth.\u201d
\nAccording to the Center for Responsible Lending, communities of color are bearing the largest share of lost value with a drain of $1 trillion in home equity from minority neighborhoods. This represents a huge setback for homeowners of color who had previously made economic progress.
\nMartin Eakes, Self Help\u2019s Chief Executive Officer, said, \u201cWe plan to aggressively assist struggling homeowners to avoid foreclosures. Too many families have been hurt by the recession and as partners, TRP and Self Help are poised to restore confidence and assist working families build wealth once again.\u201d
\nThe TRP\/Self-Help partnership has received widespread support from local businesses, elected officials, and community leaders. Cook County Commissioner Jesus Garcia, who represents the area where most of the Second Federal loans are concentrated said, \u201cTheir partnership will save taxpayers millions in the ripple effects of foreclosures, such as a depreciation of property values, an increase in violent crimes, and a destabilization of the family unit.\u201d
\nIn addition to the acquisition of the loans, Self-Help and TRP plan to set up a local community development credit union to provide sorely needed financial products at reasonable rates and drive out payday lenders and other predatory lenders from the local communities.
\nEd Wehmer, the CEO of Wintrust and parent company of Hinsdale Bank & Trust which acquired the Second Federal deposits earlier in the year, stated that \u201cWintrust continues to focus on serving our communities. Since acquiring the Second Federal Deposits, Wintrust has been working with TRP to serve the best interests of the families in the community. We look forward to continuing to work closely with TRP and Self-Help.\u201d
\n\u201cWe are blessed to have competent organizations in the community that are willing to fight for families rather than profits,\u201d said Fr. Don Nevins, the pastor of St. Agnes of Bohemia, the largest Catholic parish in the area with over 5,000 families. \u201cToo many families have been hurt by the housing crisis, and the last thing we need is more foreclosures that destroy the social fabric of the family.\u201d
\n# # #
\nThe Resurrection Project is one of Chicagoland\u2019s most successful community development organizations. Since 1990, The Resurrection Project (TRP) has revitalized predominantly low-income Latino communities on Chicago\u2019s Southwest side through a variety of community development strategies. The organization started with an initial investment of $30,000 collected from concerned neighbors and area churches. Since then, TRP has leveraged this investment into more than $250 million in community investments to serve more than 10,000 individuals, create more than 600 affordable homes, and develop more than 150,000 square feet of community space to meet a variety of needs. The Resurrection Project serves families\u2014especially Latinos\u2014from all over the metropolitan Chicago region with a particular focus on the communities of Pilsen, Little Village, Back of the Yards, and Melrose Park.
\nSelf-Help has focused on home loans to families of color for more than 25 years in North Carolina and California. Self-Help has provided more than $6 billion of financing to families and homeowners that have been underserved by traditional financial institutions. Self-Help assists borrowers nationwide build wealth by providing fair and responsible loans to businesses, consumers, and prospective homebuyers. They strengthen underserved communities by financing nonprofits, childcare centers, community health facilities, public charter schools, and residential and commercial real estate projects.<\/p>\n","protected":false},"excerpt":{"rendered":"

Published: November 12, 2012 On November 12, 2012, Self-Help Federal Credit Union (Self-Help) and The Resurrection Project (TRP) were successful in acquiring 1,100 loans totaling $141 million of face value from the Federal Deposit Insurance Corporation (FDIC). These loans are part of the former Second Federal Savings and Loan (Second Federal) portfolio that the FDIC […]<\/p>\n","protected":false},"author":1,"featured_media":12055,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"class_list":["post-838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trp-news"],"yoast_head":"\nThe Resurrection Project and Self-Help Federal Credit Union joint venture acquires 1,100 loans to prevent massive foreclosures | The Resurrection Project<\/title>\n<meta name=\"description\" content=\"Published: November 12, 2012 On November 12, 2012, Self-Help Federal Credit Union (Self-Help) and The Resurrection Project (TRP) were successful in\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/resurrectionproject.org\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Resurrection Project and Self-Help Federal Credit Union joint venture acquires 1,100 loans to prevent massive foreclosures\" \/>\n<meta property=\"og:description\" content=\"Published: November 12, 2012 On November 12, 2012, Self-Help Federal Credit Union (Self-Help) and The Resurrection Project (TRP) were successful in\" \/>\n<meta property=\"og:url\" content=\"https:\/\/resurrectionproject.org\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/\" \/>\n<meta property=\"og:site_name\" content=\"The Resurrection Project\" \/>\n<meta property=\"article:published_time\" content=\"2013-01-10T18:49:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-01-07T18:36:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/resurrectionproject.org\/wp-content\/uploads\/2013\/01\/trpselfhelplogo-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"882\" \/>\n\t<meta property=\"og:image:height\" content=\"266\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"dreamers\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"dreamers\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutos\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/resurrectionproject.org\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/\",\"url\":\"https:\/\/resurrectionproject.org\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/\",\"name\":\"The Resurrection Project and Self-Help Federal Credit Union joint venture acquires 1,100 loans to prevent massive foreclosures | The Resurrection Project\",\"isPartOf\":{\"@id\":\"https:\/\/resurrectionproject.org\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/resurrectionproject.org\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/resurrectionproject.org\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/resurrectionproject.org\/wp-content\/uploads\/2013\/01\/trpselfhelplogo-1.jpg\",\"datePublished\":\"2013-01-10T18:49:36+00:00\",\"dateModified\":\"2020-01-07T18:36:16+00:00\",\"author\":{\"@id\":\"https:\/\/resurrectionproject.org\/#\/schema\/person\/194571f7e23460629e1c1cf8658d819d\"},\"description\":\"Published: November 12, 2012 On November 12, 2012, Self-Help Federal Credit Union (Self-Help) and The Resurrection Project (TRP) were successful in\",\"breadcrumb\":{\"@id\":\"https:\/\/resurrectionproject.org\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/#breadcrumb\"},\"inLanguage\":\"es\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/resurrectionproject.org\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"es\",\"@id\":\"https:\/\/resurrectionproject.org\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/#primaryimage\",\"url\":\"https:\/\/resurrectionproject.org\/wp-content\/uploads\/2013\/01\/trpselfhelplogo-1.jpg\",\"contentUrl\":\"https:\/\/resurrectionproject.org\/wp-content\/uploads\/2013\/01\/trpselfhelplogo-1.jpg\",\"width\":882,\"height\":266},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/resurrectionproject.org\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/resurrectionproject.org\/es\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Resurrection Project and Self-Help Federal Credit Union joint venture acquires 1,100 loans to prevent massive foreclosures\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/resurrectionproject.org\/#website\",\"url\":\"https:\/\/resurrectionproject.org\/\",\"name\":\"The Resurrection Project\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/resurrectionproject.org\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"es\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/resurrectionproject.org\/#\/schema\/person\/194571f7e23460629e1c1cf8658d819d\",\"name\":\"dreamers\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"es\",\"@id\":\"https:\/\/resurrectionproject.org\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/c72399abd3750b98f5a1b302212edd7c7d9cff384bdf4fd4bba95a2f94ba63aa?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/c72399abd3750b98f5a1b302212edd7c7d9cff384bdf4fd4bba95a2f94ba63aa?s=96&d=mm&r=g\",\"caption\":\"dreamers\"},\"url\":\"https:\/\/resurrectionproject.org\/es\/author\/dreamers\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"The Resurrection Project and Self-Help Federal Credit Union joint venture acquires 1,100 loans to prevent massive foreclosures | The Resurrection Project","description":"Published: November 12, 2012 On November 12, 2012, Self-Help Federal Credit Union (Self-Help) and The Resurrection Project (TRP) were successful in","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/resurrectionproject.org\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/","og_locale":"es_ES","og_type":"article","og_title":"The Resurrection Project and Self-Help Federal Credit Union joint venture acquires 1,100 loans to prevent massive foreclosures","og_description":"Published: November 12, 2012 On November 12, 2012, Self-Help Federal Credit Union (Self-Help) and The Resurrection Project (TRP) were successful in","og_url":"https:\/\/resurrectionproject.org\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/","og_site_name":"The Resurrection Project","article_published_time":"2013-01-10T18:49:36+00:00","article_modified_time":"2020-01-07T18:36:16+00:00","og_image":[{"width":882,"height":266,"url":"https:\/\/resurrectionproject.org\/wp-content\/uploads\/2013\/01\/trpselfhelplogo-1.jpg","type":"image\/jpeg"}],"author":"dreamers","twitter_card":"summary_large_image","twitter_misc":{"Written by":"dreamers","Est. reading time":"4 minutos"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/resurrectionproject.org\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/","url":"https:\/\/resurrectionproject.org\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/","name":"The Resurrection Project and Self-Help Federal Credit Union joint venture acquires 1,100 loans to prevent massive foreclosures | The Resurrection Project","isPartOf":{"@id":"https:\/\/resurrectionproject.org\/#website"},"primaryImageOfPage":{"@id":"https:\/\/resurrectionproject.org\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/#primaryimage"},"image":{"@id":"https:\/\/resurrectionproject.org\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/#primaryimage"},"thumbnailUrl":"https:\/\/resurrectionproject.org\/wp-content\/uploads\/2013\/01\/trpselfhelplogo-1.jpg","datePublished":"2013-01-10T18:49:36+00:00","dateModified":"2020-01-07T18:36:16+00:00","author":{"@id":"https:\/\/resurrectionproject.org\/#\/schema\/person\/194571f7e23460629e1c1cf8658d819d"},"description":"Published: November 12, 2012 On November 12, 2012, Self-Help Federal Credit Union (Self-Help) and The Resurrection Project (TRP) were successful in","breadcrumb":{"@id":"https:\/\/resurrectionproject.org\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/#breadcrumb"},"inLanguage":"es","potentialAction":[{"@type":"ReadAction","target":["https:\/\/resurrectionproject.org\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/"]}]},{"@type":"ImageObject","inLanguage":"es","@id":"https:\/\/resurrectionproject.org\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/#primaryimage","url":"https:\/\/resurrectionproject.org\/wp-content\/uploads\/2013\/01\/trpselfhelplogo-1.jpg","contentUrl":"https:\/\/resurrectionproject.org\/wp-content\/uploads\/2013\/01\/trpselfhelplogo-1.jpg","width":882,"height":266},{"@type":"BreadcrumbList","@id":"https:\/\/resurrectionproject.org\/the-resurrection-project-and-self-help-federal-credit-union-joint-venture-acquires-1100-loans-to-prevent-massive-foreclosures\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/resurrectionproject.org\/es\/"},{"@type":"ListItem","position":2,"name":"The Resurrection Project and Self-Help Federal Credit Union joint venture acquires 1,100 loans to prevent massive foreclosures"}]},{"@type":"WebSite","@id":"https:\/\/resurrectionproject.org\/#website","url":"https:\/\/resurrectionproject.org\/","name":"The Resurrection Project","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/resurrectionproject.org\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"es"},{"@type":"Person","@id":"https:\/\/resurrectionproject.org\/#\/schema\/person\/194571f7e23460629e1c1cf8658d819d","name":"dreamers","image":{"@type":"ImageObject","inLanguage":"es","@id":"https:\/\/resurrectionproject.org\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/c72399abd3750b98f5a1b302212edd7c7d9cff384bdf4fd4bba95a2f94ba63aa?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c72399abd3750b98f5a1b302212edd7c7d9cff384bdf4fd4bba95a2f94ba63aa?s=96&d=mm&r=g","caption":"dreamers"},"url":"https:\/\/resurrectionproject.org\/es\/author\/dreamers\/"}]}},"_links":{"self":[{"href":"https:\/\/resurrectionproject.org\/es\/wp-json\/wp\/v2\/posts\/838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/resurrectionproject.org\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/resurrectionproject.org\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/resurrectionproject.org\/es\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/resurrectionproject.org\/es\/wp-json\/wp\/v2\/comments?post=838"}],"version-history":[{"count":0,"href":"https:\/\/resurrectionproject.org\/es\/wp-json\/wp\/v2\/posts\/838\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/resurrectionproject.org\/es\/wp-json\/wp\/v2\/media\/12055"}],"wp:attachment":[{"href":"https:\/\/resurrectionproject.org\/es\/wp-json\/wp\/v2\/media?parent=838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/resurrectionproject.org\/es\/wp-json\/wp\/v2\/categories?post=838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}