The U.S. Conference of Mayors and Wells Fargo have formed a national alliance focused on foreclosure prevention, property disposition, homeownership promotion and community development.

A three-year outline has been designed to address housing challenges through strategies developed by Wells Fargo and outreach initiatives that will involve mayors and their constituents, according to a statement. The alliance seeks to help improve the housing environment in communities across the country by working to educate and connect mayors to ideas, action plans and proven best practices through a variety of outreach initiatives.

"With the challenges facing our nation, it’s important that the private and public sectors work together on options that address each city’s respective needs," said Tom Cochran, CEO and executive director of The U.S. Conference of Mayors. "Wells Fargo and our members share a deep-rooted commitment to sustainable homeownership."

"This alliance demonstrates just how important Wells Fargo believes it is to connect with our country’s mayors as a resource for what is often their constituents’ and our customers’ most important asset – their homes," said Mary Coffin, executive vice president for servicing at Wells Fargo Home Mortgage. "For The U.S. Conference of Mayors, we intend to bring proven technical capabilities and educational materials to help municipalities address the current housing crises in the cities they serve."