LOS ANGELES, CA -- 05/19/08 --
In the news release, "Operation HOPE
Mortgage Crisis Initiative Gets Boost From Neighborworks® America,"
issued earlier today by Operation HOPE, we are advised by the company
that the first sentence of the sixth paragraph should read "To date,
HOPE has helped more than 8,396 homeowners seeking assistance, while
call-center records show more than 23,000 calls have been received"
rather than "To date, HOPE has helped more than 8,396 homeowners
seeking
assistance, while call-centers' records show over 20,000 calls have
been received" as originally issued. Complete corrected text follows.
Operation HOPE Mortgage Crisis Initiative Gets Boost From Neighborworks®
America
Subprime Assistance Hotline 877-592-HOPE for Foreclosure Relief Receives
Nearly $1 Million Commitment Through the California Housing Finance Agency
LOS ANGELES, CA--(May 19, 2008) - Financial literacy empowerment nonprofit,
Operation HOPE (HOPE) announced today an $891,000 government pass-through
grant originating from community nonprofit Rural Community Assistance
Corporation (RCAC). The award will support foreclosure intervention and
loss mitigation counseling for homeowners having trouble paying their
mortgage.
The commitment will allow HOPE to increase the number of clients its
mortgage crisis toll-free service can assist throughout California.
Homeowners outside of California can receive help through HOPE Now. The
Homeowner's HOPE(TM) Hotline at 888-995-HOPE (4673) was established to
service frustrated mortgage holders on a national level. As a result,
thousands of families and individuals will be able to receive guidance on
how to avoid foreclosure and restructure their home loans.
"With mortgage industry analysts estimating that over 1.5 million Americans
are at risk of foreclosure, it is more important than ever to focus on
solutions. Support from this award will allow us to improve and increase
communication with clients. Measures like these help us, help homeowners
save their homes and their dreams," said John Hope Bryant, Operation HOPE
Founder, Chairman, CEO and recent Vice Chair appointee to the U.S.
President's Advisory Council for Financial Literacy. "HOPE's goal is to
maximize the preservation of homeownership while minimizing foreclosures
and assist borrowers who have the willingness and wherewithal to remain in
their homes, but need some help to do it. Our goal is to keep people in
their homes and when that is not possible, prevent foreclosure."
The funding, which stems from a coalition of foreclosure prevention
agencies in California, includes funding from Neighborworks® America with
the National Foreclosure Mitigation Counseling (NFMC) Program. California
Housing Finance Agency applied for this funding with the RCAC's help. The
award will allow HOPE to streamline its free counseling process and expand
its triage program, and increase staffing for intake and Guidance and
Assistance.
In April 2007, HOPE initiated the Mortgage HOPE Crisis Hotline (MHCH) at
877-592-4673 (HOPE), with the support of City Council President Eric
Garcetti. The steady demand along with additional support from Los Angeles
Mayor Villaraigosa has facilitated program expansion to cover homeowners
throughout California.
To date, HOPE has helped more than 8,396 homeowners seeking assistance,
while call-center records show more than 23,000 calls have been received.
Homeowner Blanca Chavez, a client of MHCH, understands first-hand the
extent of the foreclosure nightmare.
"I was convinced we'd have to give up our home," said Chavez about possibly
losing their family residence. "Then I called the Mortgage HOPE Crisis
Hotline and was able to get the help I needed. An assigned representative
helped resolve the ballooning interest rate and work with the lender to
come up with a monthly payment I could manage. I could not have done it
alone."
For thirty years, RCAC has worked on behalf of communities with populations
fewer than 50,000 to provide access to services which include
environmental, housing, community development and low-interest loan
programs. The organization is built on five fundamental principles that
incorporate quality, respect, integrity, cooperation and commitment as a
core belief. Through this initiative, RCAC will work with partners, like
HOPE to help keep the homeowners in their homes throughout California.
"Mortgage counselors are critical to keeping Californians in their homes,"
said Stan Keasling, RCAC chief executive officer. "This grant will allow
Operation HOPE along with other California organizations to increase
staffing and services, so that they can meet increasing demands for
help. We are pleased to support their efforts through this funding."
Fred Smith, HOPE's Director for its emergency preparedness and recovery
division, HOPE Coalition America, advises homeowners to be proactive.
"Homeowners experiencing mortgage payment challenges should call the
Mortgage Crisis Hotline for counseling solutions at 877-592-HOPE. Avoiding
the problem only compounds it," Smith emphasizes. "Working with an
experienced professional versus trying to do it on your own can be the
difference between keeping your home and losing it."
About California Housing Finance Agency
For over 30 years, California Housing Finance Agency (CalHFA) has supported
the needs of renters and first-time homebuyers by providing financing and
programs that create safe, decent and affordable housing opportunities for
individuals within specified income ranges. Established in 1975, CalHFA was
chartered as the state's affordable housing bank to make low-rate loans
through the sale of tax-exempt bonds. A completely self-supporting state
agency, bonds are repaid by revenues generated through mortgage loans, not
taxpayer dollars. For more information, visit www.calhfa.ca.gov/.
About Rural Community Assistance Corporation
Rural Community Assistance Corporation was founded on October 1, 1978 and
has 35 field offices in the 13-Western state service region. Headquartered
in Sacramento, California, the organization is a nonprofit dedicated to
assisting rural communities achieve their goals and visions by providing
training, technical assistance and access to resources. For more
information, go to www.rcac.org.
About Operation HOPE, Inc.
Operation HOPE, Inc. (HOPE) is a leading nonprofit social investment
banking and financial literacy empowerment organization. Through several
global initiatives and its three principal programs: Banking on Our Future
(teaching youth about financial empowerment), HOPE Coalition America
(financial emergency preparedness and disaster recovery), and the HOPE
Center Banking Network (loans, bill pay, computer literacy, understanding
banking principles), HOPE is leading the "silver rights" movement towards
making free enterprise and capitalism relevant to all underserved
communities. For a complete 2007 board list or other information about the
organization, visit us at www.operationhope.org
Contact:
Sherry John
213.891.2908
sherry.john@operationhope.org
