Mortgage Resolution Fund LLC

MRF, LLC WAS ESTABLISHED TO LESSEN THE BURDENS OF STATE HOUSING AGENCIES, AS WELL AS THE FEDERAL GOVERNMENT, RELIEVE THE POOR AND DISTRESSED AND PROMOTE SOCIAL WELFARE THROUGH THE GOALS OF LESSENING NEIGHBORHOOD TENSIONS, COMBATING COMMUNITY DETERIORATION, AND ELIMINATING PREJUDICE AND DISCRIMINATION, ALL OF WHICH HAVE INCREASED AS A RESULT OF THE FORECLOSURE CRISIS. AS NOTED ABOVE, COMMUNITIES, PARTICULARLY LOW-INCOME AND MINORITY COMMUNITIES, HAVE ALREADY BEEN RAVAGED BY THE EFFECTS OF MILLIONS OF FORECLOSURES, AND CURRENT EFFORTS AND RESOURCES ARE SIMPLY NOT ADEQUATE TO ADDRESS THE IMPACT OF AN ADDITIONAL 12 MILLION HOMES IN DEFAULT OR SEVERE RISK THEREOF. TO ACCOMPLISH ITS PURPOSE, MRF WILL ASSIST STATE AGENCIES IN KEEPING FAMILIES IN THEIR HOMES AND STABILIZING NEIGHBORHOODS BY PURCHASING DELINQUENT MORTGAGE NOTES AT A DISCOUNT; PERMANENTLY MODIFYING THE MORTGAGES OF QUALIFYING HOUSEHOLDS TO AN AFFORDABLE LEVEL; AND PROVIDING HOUSEHOLDS NOT ELIGIBLE FOR MODIFICATION WITH SUPPORT T