LOS ANGELES, CA -- 08/29/08 --
John Hope Bryant, Founder, Chairman and
CEO, and Bill Walbrecher, President and COO of Operation HOPE (HOPE),
jointly announced today that HOPE is in full support of the loss-mitigation
plan announced recently by Federal Deposit Insurance Corporation (FDIC)
Chairman Sheila C. Bair. John Hope Bryant, who also serves as Vice
Chairman of the U.S. President's Advisory Council on Financial Literacy,
said, "The loss-mitigation plan announced by FDIC Chairman Bair to provide
mortgage loans at affordable yields for troubled IndyMac Federal Bank
borrowers is a giant step in the right direction to help distressed
borrowers avoid foreclosure and stay in their homes at interest rates and
terms that are affordable."
The FDIC program provides systematic modification of delinquent loans.
IndyMac FSB mortgage holders who are not aware of the program can go
directly to the following link of the press release announcement for
questions and answers.
http://www.fdic.gov/news/news/press/2008/pr08067.html.
HOPE President Bill Walbrecher is a former Fortune 500 bank CEO who is
committed to empowering low-wealth communities with "choice and silver
rights opportunity." Bill Walbrecher said that, "The FDIC Loan Modification
Program for IndyMac mortgage holders is a unique opportunity because it
provides an interest rate below market for loan modifications and
essentially protects the working class which is essential to maintaining
the stability of our country."
About Operation HOPE
Operation HOPE is America's leading nonprofit social investment banking and
financial literacy empowerment organization. With more than 400 private
sector partners, 1500 nonprofit organizations and schools, and 100
government partners serving 68 under-served communities in the U.S. cities
as well as South Africa, Operation HOPE has raised more than $400 million
in its pursuit of educating, assisting and inspiring the next generation of
global "silver rights" stakeholders. Through international initiatives and
its principal programs: Banking on Our Future (teaching school children
about money), HOPE Coalition America (Mortgage HOPE Crisis Hotline,
1-888-388-HOPE, financial emergency preparedness and disaster relief), HOPE
Advisors and the HOPE Banking Center Network (loans, bill pay, computer
literacy, understanding banking principles), Operation HOPE has assumed the
responsibility of piloting the Silver Rights Movement towards making free
enterprise and capitalism relevant to all underserved communities. Civil
rights icon Ambassador Andrew Young is the global spokesman for Operation
HOPE. More information about the organization can be found at
www.operationhope.org.
For more information contact:
Sherry T. John
phone 213.891.2908
sherry.john@operationhope.org
