California Initiative Raises $4.6 Million to Support Mortgage Counselors

Mortgage counseling agencies will receive $4.6 million to help California
homeowners during the foreclosure crisis, thanks to a partnership between the
California Reinvestment Coalition (CRC) and several companies.

Around 200 to 500% more homeowners sought help from counseling agencies in
2007 compared to the year before. The funds could create 50 or more new staff
positions at these agencies.

Companies partnering with CRC include: Merrill Lynch, HSBC-North America,
Wachovia Bank, Wells Fargo Bank, Bank of America and California Community

“Mortgage counselors are critical to keeping Californians in their homes,”
said Alan Fisher, executive director of CRC, in a statement. “By increasing the
number of mortgage counselors, the California Home Ownership Preservation
Initiative fulfills one of two major elements in solving much of the foreclosure
crisis. The other requires the mortgage industry to play a more active role by
modifying loans and working with troubled borrowers.”

Source: Credit and Collections World

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