| Title: | MBA Partners with NeighborWorks® America to Keep Americans in their Homes |
| Source: | MBA |
| Date: | 4/17/2007 |
Washington, D.C. (April 17, 2007) - The Mortgage Bankers Association (MBA) is committed to keeping Americans in their homes and, to that end has partnered
with NeighborWorks® America, a national nonprofit organization created and supported by Congress to provide financial support, technical assistance
and training for community-based revitalization efforts. As a partner, MBA will work with NeighborWorks® America to support a national campaign that includes:
- linking homeowners in danger of foreclosures to a free counseling hotline (888-995-HOPE) provided by the Homeownership Preservation
Foundation,
- establishing foreclosure intervention programs in cities with high rates of foreclosure,
- conducting a national public education campaign with the National Ad Council to improve contact rates for those homeowners
in financial distress,
- improving counseling capacity and providing certified training programs to foreclosure counselors through the NeighborWorks® Center for Homeownership Education and Counseling (NCHEC), and,
- conducting research to better understand the complexities surrounding research and to advise on potential solutions.
"MBA is committed to assuring that borrowers continue to have the financing they need to buy and draw needed equity from their
homes, and most importantly, stay in their homes. In this regard financial literacy is a key factor, because it empowers borrowers
while allowing the mortgage industry to continue to serve them," said John M. Robbins, Chairman of MBA. "This partnership
with NeighborWorks® America is part of that commitment."
"We are pleased that MBA has decided to join this national foreclosure prevention effort," said Kenneth D. Wade, Chief Executive
Officer of NeighborWorks® America. "We look forward to working with the MBA leadership to bring innovative mortgage products
to borrowers who want to achieve and sustain the American Dream of homeownership. We're also excited to have the MBA join
in the research and implementation of the strategies developed by the NeighborWorks® Center for Foreclosure Solutions."
As a partner of NeighborWorks® America, MBA will have the opportunity to serve on the NeighborWorks® Center for Foreclosure Solutions' Advisory Committee
and share its expertise as it relates to real estate finance. The Center is designed to ultimately reduce foreclosures by
motivating financially distressed homeowners to seek help by contacting qualified housing counselors. To date, the Center's
efforts have helped thousands of delinquent homeowners. Working together, NeighborWorks® America and MBA can reach numerous consumers directly and provide them with the assistance needed to make wise choices about
the mortgage transaction.
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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry
that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the
association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand
homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and
fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety
of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies,
mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending
field. For additional information, visit MBA's Web site: www.mortgagebankers.org.