MBA Partners with NeighborWorks® America to Keep Americans in their Homes

For Immediate Release

April 16, 2007

Contact:
Douglas Robinson, NeighborWorks® America, 202-220-2360, drobinson@nw.org;
Laura Armstrong, Mortgage Bankers Association, 202-557-2730, larmstrong@mortgagebankers.org

MBA Partners with NeighborWorks America to Keep Americans in their Homes

Washington, DC – NeighborWorks America and the Mortgage Bankers Association (MBA) have partnered up to help homeowners keep their homes. As partners, MBA and NeighborWorks America are working together 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 foreclosure rates 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 fitness 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 their mortgage transactions.

NeighborWorks America provides financial support, technical assistance and training for communities across the nation through the NeighborWorks network of over 235 nonprofit organizations covering nearly 4,500 urban, suburban and rural communities. These organizations engage in revitalization strategies that strengthen communities and transform lives. In the last five years alone, NeighborWorks organizations have generated more than $12 billion in reinvestment and helped more than 845,000 families of modest means purchase or improve their homes, or secure safe, decent rental or mutual housing.

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 500,000 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 3,000 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.

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