netNews050907

For Immediate Release
May 9, 2007

Contact: National Advisory Council
Mike Haley, 651 247-4836
Doug Robinson, 202 220-2360
NeighborWorks® America

National Housing Groups Announce Support of Comprehensive Education and Counseling Standards to Advance Sustainable Homeownership

Washington, DC – A group of leaders from lending institutions, community development organizations, real estate, mortgage insurance companies and the secondary mortgage market today released national standards for consumer homeownership education and counseling that if broadly adopted will help prevent in the future the wave of foreclosures that the housing market is experiencing today.

The standards released today are the product of a two-year development process led by industry stakeholders, and is the first time that representatives from all corners of the housing industry have reached agreement on a set of benchmarks for the delivery of quality education and counseling to consumers across the nation. Industry standardization will strengthen the professional credentials of more than 10,000 homeownership professionals currently working in the industry and help ensure that millions of potential and existing homeowners receive quality and comprehensive housing information and services.

“The development of national standards for homeownership education and counseling together with a national code of conduct was spearheaded in a collaborative spirit by a variety of providers and stakeholders which recognize the great need to advance the relevance and professionalism of these services throughout the country” said Mike Haley, assistant commissioner of Minnesota Housing and National Advisory Council Chair. “The ultimate beneficiaries will be homeowners that receive these services and become better equipped to enjoy successful, sustainable homeownership.”

A goal of the National Industry Standards is to provide consumers in every neighborhood across the country with an easy way to identify qualified homeownership educators and counselors. These professionals will be capable of assisting them in making sound financial decisions, leading to long-term, successful homeownership.

“Together with our partners we have developed national standards for homeownership education and counseling that will create a level of quality and consistency across the industry, advancing sustainable homeownership and the achievement of the American Dream for low- and moderate-income families,” said Ken Wade, CEO of NeighborWorks America. “NeighborWorks America’s commitment to quality, objective homeownership education and counseling extends beyond our network and the homeownership educators and counselors we train and certify through the NeighborWorks Center for Homeownership Education and Counseling. We hope these standards will enable families to make informed, responsible choices on the path to homeownership.”

A detailed description of the National Industry Standards for Homeownership Education and Counseling guidelines and Code of Ethics is available at www.homeownershipstandards.com.

National Homeownership Industry Standards Advisory Council

Bank of America
Chase
Chrysalis Consulting Group, LLC
Citi
Community Development Corporation of Long Island
Consumer Credit Counseling Services of San Francisco
Countrywide Financial Corporation
Fannie Mae
Federal Reserve
Freddie Mac
The Housing Partnership Network
Minnesota Housing
Mortgage & Credit Center
Mortgage Guaranty Insurance Corporation
National Association of Real Estate Brokers – National Investment Division (NID)
National Association of Realtors®
National Council of La Raza (NCLR)
National Council of State Housing Finance Agencies
NeighborWorks® America
NHS of Great Falls
University of North Carolina – Chapel Hill
U.S. Department of Housing and Urban Development (HUD)
Wells Fargo

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National Industry Standards for Homeownership Education and Counseling
Advisory Council Statements of Support

“Bank of America has long supported quality home buyer education for all consumers. Improved standards in this area are critical to helping more deserving families achieve the dream of owning a home and, as importantly, helping them keep their homes,” said Floyd Robinson, president Bank of America Consumer Real Estate and Insurance Services Group. “We are proud to be able to work with these leaders in the industry to support responsible home purchases and ensure the consumer’s best interests are at the forefront of every home finance transaction.”

Floyd Robinson
President
Bank of America Consumer Real Estate and Insurance Services Group

“As we strive to strengthen communities through home ownership, we understand the importance of providing reliable, consistent information to potential homeowners. That is why Chase supports National Industry Standards for homeownership education and counseling.”

Michael DuBois
Senior Vice President
Chase

“Consumer Credit Counseling Service of San Francisco wholeheartedly endorses the adoption of industry standards by those individuals and organizations engaged in housing counseling and education. Industry acceptance of these standards will help to “raise the bar” on the level of professional housing counseling and education being provided to consumers nationwide.”

Richard A. Harper
Director of Housing
Consumer Credit Counseling Service of San Francisco

“Healthy, sustainable homeownership is critical to the lives of Long Islanders and to the neighborhoods in which they live. National standards for homeownership education are a necessary component to achieve sustainability. CDC of Long Island wholeheartedly endorses the elevation of this industry.”

Marianne Garvin
President
Community Development Corporation of Long Island

"Founded on the belief that all Americans should have the opportunity to own a home, Countrywide Financial Corporation applauds the collective effort in the launch of national industry standards for homeownership education and counseling. Countrywide is committed to helping people achieve and maintain home ownership and firmly supports efforts that improve the quality and reach of financial education, particularly to lower- and moderate-income individuals and families."

Mary Duron
Executive Vice President
Countrywide Financial Corporation

"Freddie Mac believes comprehensive, consistently applied counseling and education will help countless families to find affordable and sustainable housing choices. We congratulate this industry commitment to national standards for quality homeownership education and counseling as a vital step in ensuring successful long-term homeownership opportunities."

Craig Nickerson
Vice President Expanding Markets
Freddie Mac

“Over the past 10 to 15 years, network member organizations have helped tens of thousands of families to become first-time homebuyers or to avoid the loss of their home. These standards will help our members promote sustainable homeownership in their communities.”

Thomas Bledsoe
President
The Housing Partnership Network

"MGIC has long been a believer in the power of an educated and well-prepared borrower to sustain homeownership over the long term and build wealth through equity build-up. This effort to create and promote national standards for homeownership educators and counselors is critical to assuring more borrowers are prepared to be successful homeowners. Now more than ever, the mortgage and real estate industries need to embrace the role of homebuyer education and counseling to help American households buy homes and obtain financing terms that are appropriate for them."

Curt Culver
Chairman and Chief Executive Officer
MGIC Investment Corporation and Mortgage Guaranty Insurance Corporation (MGIC)

“The creation of the National Industry Standards for Homeownership Education and Counseling adds credibility to the housing counseling industry at a critical time for our nation. Now, more than ever, housing counselors need to be unified and work toward providing quality service and accurate information for consumers. As a national trainer of housing counselors and a provider of services, I am energized by those of us who are committed to making these standards a reality. In adherence to this commitment, we at the Mortgage & Credit Center proudly adopt the National Industry Standards.”

Cora R. Fulmore
President
Mortgage & Credit Center
National Advisory Council Co-Chair

"Homeownership counseling is an increasingly important service in the Latino community," said Lot Diaz, vice president of Housing and Community Development, National Council of La Raza. "The national standards being introduced today will raise the bar for counseling providers — this means higher quality service for our families."

Lot Diaz
Vice President of Housing and Community Development
National Council of La Raza