“The Foreclosure Crisis”
September 29, 2009: Jennet Alterman introduced Toby Smith as an extremely accomplished professional who came to Family Services, Inc. in 2007 and has been misnamed as the “Queen of Foreclosures.” She also teaches financial literacy, serves as an associate Minister and just completed her first book: Goofy Things Girls Do to Get Guys.
Ms. Smith provided an excellent overview of the Foreclosure Crisis from Spring 2007 where they were managing just 30 cases a month until today’s vastly expanded workload. She explained FSI’s philosophy is to provide a secure environment to strengthen the values of individuals and families.
Quotes like “this should not have happened to us” and “we’re not that kind of family” are common place in Toby’s daily life. She explained to us she knows first hand what these people are feeling having almost lost a home herself due to an adjustable rate mortgage. “It’s not about pedigree” nor is it the financial illiterate and irresponsible that the media paints; “it’s not about your neighbor, it’s about you”. Ms. Smith feels that FSI is about a year ahead of the curve. They are providing a service that the federal government isn’t. In the winter of 2008 they expanded their staff and have been able to handle the crisis shift from sub-prime to mainstream. They hold default clinics in the seven areas of greatest need but the problem still remains that people are embarrassed and wait too long to seek help. Toby explained that in the Spring of 2009 the government unveiled the “Making Home Affordable Modification Program (MHA) but it takes 90 days to get a mod and every day brings a family closer to crisis.
She concluded with a stimulating and informative Q&A session but not before sharing her personal observations: “the recession will continue to impact those who have withstood the crisis the longest…i.e. the affluent and they are the ones least emotionally equipped to handle the downturn and seek help. For more information contact Family Services, Inc. at 1-888-320-0350 or visit their web site: wwww.fsisc.org
Submitted by Bill Crowe, Keyway Committee