NAHB Applauds New Program To Help Borrowers

[hausdok]

WASHINGTON, Oct. 10

The National Association of Home Builders (NAHB) today applauded a new program called "HOPE NOW" announced by Treasury Secretary Henry Paulson and HUD Secretary Alphonso Jackson that will help American families avoid foreclosure and stay in their homes.

The initiative brings together foreclosure prevention counselors, mortgage servicers and other mortgage market participants in an alliance to help home owners who are facing default. It will provide at-risk borrowers the information and resources available in the marketplace that will allow them to keep their home by restructuring the terms of their mortgage or pursuing other options available to them.

NAHB has strongly encouraged and supported recent efforts of the mortgage industry to provide foreclosure prevention counseling and assistance to borrowers who have encountered mortgage difficulties. A hotline established to assist borrowers facing foreclosure has been publicized through NAHB's web site (www.nahb.org) and in communications to NAHB's more than 800 state and local home builders associations. The HOPE NOW Alliance will greatly expand the capacity, coordination and effectiveness of existing outreach efforts.

"HOPE NOW will encourage many more troubled borrowers to seek out their mortgage provider or housing counselor to help them explore alternatives to stay in their homes," said NAHB President Brian Catalde, a home builder from El Segundo, Calif. "NAHB will continue to publicize foreclosure prevention resources in communities throughout the country. We look forward to working with HOPE NOW to help expand their outreach efforts."

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