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Tag Archives: NeighborWorks America

Eileen Fitzgerald Named CEO of NeighborWorks America

NeighborWorks America has appointed Eileen M. Fitzgerald as the organization's new CEO, effective June 1. Fitzgerald has served as acting CEO of the nonprofit community development and housing counseling network since January 2011 when Kenneth Wade stepped down from the position.

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NeighborWorks Receives $2M from Bank of America

NeighborWorks America has received a $2 million grant from Bank of America to support the organization's foreclosure counseling efforts and fund training for local nonprofit professionals. NeighborWorks says the funding will help its network of community-based counselors create and preserve homeownership assets for 250,000 families.

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Ohio Agency to Turn Away Distressed Homeowners Due to Budget Cuts

According to Empowering and Strengthening Ohio's People, a non-profit foreclosure prevention counseling agency, the Ohio Housing Finance Agency's failure to distribute funding - in addition to federal budget cuts - means turning away some homeowners. Starting Tuesday, the agency says it will be forced to stop taking in homeowners referred from the National Foreclosure Mitigation Counseling program.

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Michigan Housing Authority Sees Success in Foreclosure Counseling

The Michigan State Housing Development Authority (MSHDA) has provided free foreclosure counseling assistance to more than 17,000 families through the National Foreclosure Mitigation Counseling (NFMC) program over the last two years. Created by Congress in January 2008 to address the nationwide foreclosure crisis by increasing the availability of free counseling for families at risk, the NFMC program has provided 1.12 million struggling homeowners with foreclosure prevention counseling across the nation.

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Counseling Improves Mod Success, Nearly Doubles Payment Reductions

Data released by NeighborWorks America Monday illustrates the value of foreclosure prevention counseling for distressed homeowners. The organization has found that a homeowner who works with a housing counselor is nearly two times more likely to avoid foreclosure than those who go it alone. Counseled borrowers also lower their monthly mortgage payments by nearly twice as much and are less likely to re-default after a mortgage modification.

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Foundation Hotline Offers Help Against Foreclosure Scams

The Homeownership Preservation Foundation has partnered with NeighborWorks America, HUD, Fannie Mae, Freddie Mac, and the Lawyers Committee for Civil Rights Under Law to help prevent foreclosure-rescue scams. The coalition is positioning the Homeowner's HOPE Hotline (1-888-995-HOPE) as a central point of contact for homeowners who think they may be victim of a scam. Information provided to the hotline is used by local, state, and federal agencies to shut down predatory companies victimizing distressed homeowners.

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HUD to Roll Out Emergency Loan Program for Unemployed by Year-End

To help counter the effects of the still-deteriorating job market on the housing industry, the Dodd-Frank Reform Act provided $1 billion to HUD to implement the Emergency Homeowners Loan Program. The initiative provides eligible borrowers in 32 states and Puerto Rico with a ""bridge loan"" to continue making their mortgage payments for up to 24 months. HUD expects to begin taking applications from borrowers for assistance by the end of the year.

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NeighborWorks CEO Leaves to Join Bank of America

The head of one of the nation's largest nonprofit housing and foreclosure counseling organizations is leaving his post for a job in the private sector. Kenneth Wade, CEO of NeighborWorks America, has announced his plan to resign at the end of the calendar year after six years at the organization's helm. Beginning in January, Wade will join the nation's largest mortgage lender, Bank of America, as senior community affairs executive, where he will be responsible for furthering BofA's relationships with key organizations in community development, neighborhood stabilization, and consumer policy.

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HOPE Hotline Provides Aid to More than 4M Distressed Homeowners

According to the national nonprofit Homeownership Preservation Foundation (HPF), economists estimate that close to 4 million homeowners will face delinquency in the near future. In an effort to help thwart this assessment, HPF works to provide information and financial education to guide consumers toward sustainable homeownership. The foundation reports that its Homeowner's HOPE Hotline has aided more than 4 million distressed homeowners since the financial crisis began in 2008.

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REOs the Topic du Jour in Washington

Neighborhoods across the country are riddled with empty bank-owned homes and unoccupied foreclosures that erode neighboring property values and open the door for blight and criminal activity. The nation's glut of vacant REOs took center stage in Washington Wednesday. HUD announced a new nationwide REO ""First Look"" program, in partnership with the nation's largest mortgage lenders, and it was the first of a two-day Federal Reserve summit to examine the community impacts of foreclosed and vacant properties.

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