More Than 200,000 Letters Sent to At-Risk Homeowners

Alliance urges borrowers to get help now.

WASHINGTON, Oct. 31 /PRNewswire-USNewswire/ — Beginning November 19, the nation’s largest mortgage servicers will be sending HOPE NOW letters to at-risk mortgage borrowers, asking them to get help.

“These letters comprise the first deliverable of the HOPE NOW alliance, to reach out to homeowners to get them the help they need,” said John H. Dalton, President of the Housing Policy Council. “This is only the first step, and this is a top priority for all those involved. We want to show people that help is available. If you receive a letter, we strongly encourage you to call your mortgage company for help.”

The mailing is the first of several outreach efforts to take place over the next few months. This first mailing to mortgage holders with past due accounts is expected to be complete by November 30. To see a copy of the letter, please click here (http://www.fsround.org/media/pdfs/HOPENOWletter.pdf). This letter will be sent to more than 200,000 at-risk borrowers.

Homeowners who are worried about their mortgage should contact their lender as soon as possible or go to the HUD website www.HUD.gov or www.MyMoneyManagement.net to find non profit credit counselors.

HOPE NOW is an alliance between counselors, mortgage market participants, and mortgage servicers to create a unified, coordinated plan to reach and help as many homeowners as possible. The members of this alliance recognize that by working together, they will be more effective than by working independently. The Department of the Treasury and the Department of Housing and Urban Development encouraged these leaders to form this alliance, which includes, as of October 30, American Bankers Association, American Financial Services Association, American Securitization Forum, America’s Community Bankers, Assurant, Inc., Bank of America, CCCS Atlanta, Inc., Citigroup Inc., Consumer Bankers Association, Consumer Mortgage Coalition, Countrywide Financial Corporation, EMC Mortgage, Inc., Fannie Mae, The Financial Services Roundtable, First Horizon National Corporation, First Tennessee Home Loans, Freddie Mac, GMAC ResCap, Homeownership Preservation Foundation, Housing Partnership Network, The Housing Policy Council, HSBC Finance, JPMorgan Chase & Co, National City, NeighborWorks America, Mortgage Bankers Association, Option One Mortgage Corporation, PMI Mortgage Insurance Co., Securities Industry and Financial Markets Association, State Farm Insurance Companies, SunTrust Mortgage, Inc., Washington Mutual, Inc., Wells Fargo & Company. More companies and organizations are expected to join in the coming months.

Visit www.HOPENOW.com for more information.

SOURCE HOPE NOW

© 2007 PR Newswire. All Rights Reserved.

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NeighborWorks

NeighborWorks America (NW) creates opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing.

Since 1991, we have assisted nearly 1.2 million low- to moderate-income families with their housing needs. Much of our success is achieved through our support of the NeighborWorks network ? more than 230 community development organizations working in more than 4,400 urban, suburban and rural communities in all 50 states, the District of Columbia and Puerto Rico. In the last five years, NeighborWorks organizations have generated more than $15 billion in reinvestment in these communities.

NeighborWorks America is the nation’s leading trainer of community development and affordable housing professionals.

Contact:

Tel: (202) 220-2300
Fax: (202) 376-2600

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