HOPE NOW

Forbes.com reports:

“WASHINGTON (Thomson Financial) – Treasury Secretary Henry Paulson today announced a new initiative under which major mortgage servicers, mortgage counselors, government officials and non-profit groups will coordinate their efforts to help struggling borrowers restructure their mortgage payments and stay in their homes.

The initiative, called HOPE NOW, is aimed at coordinating and improving outreach to struggling borrowers, such as through a coordinated direct mail campaign that will start in November. Participants will also develop best practices for mortgage counselors across the country, and ensure that groups able to help homeowners work out new loan arrangements with lenders have adequate resources to carry out this mission.

‘A unified strategy and better integration will mean homeowners get better help with their mortgages, servicers get better responses when they reach out to people, and our communities will see fewer foreclosures,’ Paulson said.”

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