National League of Cities Site Has Foreclosure Materials for Cities.

C-SPAN had a session this morning focused on sub prime and foreclosures from a National League of Cities meeting. FHA Single Family Director, Wells Fargo, Senate Banking Committee staffer, and HOPE NOW representative were all speakers this morning.
NLC has a web page with various materials on foreclosures HERE.

Senate Banking Committee staffer (Jonathon Miller) said that

• Banking Chair Dodd would be introducing legislation to create a new agency similar to 1930's housing agency, HOLC. (Wikipedia HOLC article HERE).
• Failed bankruptcy legislation had $4 billion in CDBG funding that would have gone for distribution based on new formula using city share of foreclosed properties. Cities would have used funding to purchase and resell foreclosed properties.
  
• Didn't address FHA reform legislation.