TALLAHASSEE, Fla. – March 14, 2008 – The Florida Home Ownership Promotes the Economy (HOPE) Task Force, appointed by Governor Charlie Crist last month, began its review of Florida’s foreclosure rate and its impact on the state’s economy when it met for the first time last week in Tallahassee. Chaired by Lt. Governor Jeff Kottkamp, the task force brings together experts in the mortgage and banking industries, as well as consumer advocates and policy experts.

“This task force will conduct a comprehensive review of this serious issue currently faced by many Floridians,” Lt. Governor Kottkamp said. “The goal will be to provide real solutions for Florida’s families and our state’s economy.”

In 2007, Florida ranked second in the number of home foreclosures, and has seen an increase of 130 percent since 2005. At the end of 2007, Florida also had an estimated 10 percent of the nation’s sub-prime loans. Later this year, many of the existing adjustable-rate mortgages may reset at a higher interest rate, putting additional strain on more families. 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’s next meeting is March 19 in Tallahassee, where it will be accepting public comment. Members will also meet April 2 in Tallahassee, with a fourth meeting planned via conference call on April 9. The task force is directed to give its recommendations to the Governor, Speaker of the House and President of the Senate by April 18, 2008.

For meeting agendas, a complete list of the task force members and additional information on the HOPE Task Force, go to: http://www.flgov.com/hope_task_force.

© 2008 FLORIDA ASSOCIATION OF REALTORS