FDIC, Neighborworks® America Form National Partnership To Help Consumers at Risk of Foreclosure
The FDIC – working through its new Alliance for Economic Inclusion (AEI) initiative – and the NeighborWorks® Center for Foreclosure Solutions have partnered to promote foreclosure-prevention strategies for consumers at risk of foreclosure from subprime and nontraditional mortgage lending. The partnership will focus its efforts in nine markets around the country that are served by both organizations.
"More and more consumers with subprime and so-called 'hybrid' mortgage products are facing the very real prospect of losing their homes through foreclosure as their payments begin to rise and become unaffordable," said Sheila C. Bair, FDIC Chairman. "We need to find workable solutions to keep these good-faith borrowers in their homes, which is the goal of the partnership announced today. No one gains from foreclosure – not the lender nor, least of all, the homeowner.
"I'd like to acknowledge FDIC Director Tom Curry, who also serves as Chairman of NeighborWorks® America, for his tireless efforts in helping to create this important partnership," added Chairman Bair.
To read the full article provided by FDIC please visit www.fdic.gov.
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