For Immediate Release

January 18, 2008

Contact: Douglas Robinson, 202-220-2360, drobinson@nw.org;
 Erin Angell, 202-220-6317, eangell@nw.org

National Housing Groups Announce the Endorsement of National Industry Foreclosure Counseling Standards to Help Save Thousands from Foreclosure

WASHINGTON, D.C. – The National Industry Foreclosure Counseling Standards, created by a group of leaders from lending institutions, community development organizations, real estate, mortgage insurance companies and the secondary mortgage market, are released today, which will help curb the increasing tide of foreclosures for thousands of homeowners.

In light of current market conditions, with an increasing number of consumers falling into delinquency and facing foreclosure, the National Industry Foreclosure Counseling Standards aim to increase the professionalism, consistency and quality of service delivered by organizations and counselors providing assistance directly to consumers in delinquency and foreclosure. The standards ensure consumers are provided reliable information from highly trained professionals to combat the increasing wave of foreclosures, thereby increasing sustainable homeownership.

The newly released National Industry Foreclosure Counseling Standards are an integral component of the National Industry Standards for Homeownership Education and Counseling and National Industry Code of Ethics and Conduct (launched in May 2007). Through the creation and promotion of the National Industry Standards, consumers across the country will receive consistent information and service to ensure sustainable homeownership.

The National Industry Foreclosure Counseling Standards are a set of training and performance benchmarks designed to provide guidance to those organizations and counselors providing foreclosure counseling services to consumers.

Jayna Bower, director of the NeighborWorks® Center for Homeownership Education and Counseling (NCHEC) said, “By carefully measuring the needs of the counseling industry and mortgage borrowers in responding to the foreclosure crisis, the Advisory Council thoughtfully developed these performance standards¬-keeping in mind how they will strengthen the confidence homeowners will have when discussing the details of their personal financial situation with a counselor.”

To review the complete set of National Industry Foreclosure Counseling Standards and National Code of Ethics and Conduct, visit the Web site www.homeownershipstandards.com.

About NeighborWorks America
NeighborWorks America creates opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. To date, we have assisted nearly 850,000 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 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 $12.4 billion in reinvestment in these communities. NeighborWorks America is the nation’s leading trainer of community development and affordable housing professionals.

National Homeownership Industry Standards Advisory Council
The National Advisory Council is a collaborative of industry leaders from lending institutions, community development organizations, real estate, mortgage insurance companies, government entities, trade groups, secondary mortgage market, and other non-profits. The development of the National Industry Standards for Homeownership Education and Counseling was the result of a two-year process that represents industry-wide cooperation to set criterion for quality homeownership counseling services.
The Council consists of representatives from the following organizations:

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 NetworkMinnesota 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)