MARYGROVE COLLEGE STUDENTS WITNESS MAYORS’ FORUM

ON FORECLOSURE CRISIS

ONLY SCHOOL TO BE INVITED TO CLOSED MEETING

DETROIT, MI, November 28, 2007 -- Marygrove College students were the only students to witness the proceedings of the critical National Forum on Homeownership Preservation and Foreclosures held yesterday in Detroit by the U.S. Conference of Mayors. The mayors issued an economic impact report following the meeting that projected sharp losses in the Gross Domestic Product and economic output losses for 361 metropolitan areas.

As Detroit Mayor Kwame Kilpatrick explained, the day-long meeting was closed to media and the public to generate frank discussion about the depth of the problem and the solutions. With their political science professors Dr. Tal Levy and Cynthia Blasses, students John Smith, Addie Bonner, Annie Sumareh, Chantell Coyour, Delphine Reed, Henry Roberson and Carl Farrington were exclusively invited to witness the proceedings.

Marygrove College, with its strategic vision of fostering Urban Leadership, encourages active participation in the affairs of the City of Detroit. The College believes that the City is an urban laboratory where its students can apply classroom learning in real-world settings.

Professor Blasses said, “I'm pleased to watch students learn and grow through these types of events.  An instructor can stand in front of a podium and lecture for hours on end on economic topics, however, there is nothing better than to witness students learn the concepts in the classroom, then see the real world economic issues unfold at a national conference such as this.  The students at Marygrove College really had the advantage yesterday afternoon!”

Senior Delphine Reed said, “The privilege of being a student observer at the U.S. Conference of Mayors Forum on Home Foreclosures provided quite an opportunity to witness firsthand, the political processes that inform our elected officials. The highlight of the experience was the ability to see information from our textbooks and lectures take on flesh. One area of the discussion was so engaging, I actually wrote down my own solution to the question of how borrowers can receive timely and effective information regarding foreclosure problems. 

Social Justice Graduate Student Addie Bonner concurred. “The conference was a frank discussion between Big City Mayors, representatives from major financial institutions, and non-profit and counseling entities concerning the foreclosure crisis and its economic implications.

I was surprised to learn that approximately 50% of homeowners who experience a foreclosure do not contact the lender prior to the foreclosure to attempt to make arrangements.  The problem of home foreclosures is not just affecting low income and urban areas. Sub-prime mortgages have caused widespread property loss, which affects the property values of homes in areas surrounding foreclosed homes.  I learned that home values suffer a 1.5% loss within a 1/8 mile area of a foreclosed home.  So, foreclosures affect us all. It was an experience I will never forget. 

For more information on Urban Leadership at Marygrove College, contact Renée Ahee, 313-927-1446 or rahee@marygrove.edu.

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