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Spotlight on the Financial Crisis

This special section of The Community Investment Network is designed to help homeowners and consumer advisors find information on the various assistance programs offered by banks, mortgage companies, community-based organizations, the Federal Reserve banks, Federal Home Loan Banks, government agencies, real estate professionals, and others.

The information provided has been resourced from the organizations providing assistance, in some cases is limited to homeowners doing business with that organization (such as bank for its mortgage customers).  Check this space often – new assistance programs are announced frequently by institutions and government agencies.  In some cases, there will be news of a program, with the details to follow.   We welcome information about borrower assistance programs to highlight here.

Send information: info@communityinvestmentnetwork.org 

President Barack Obama’s Homeowner Affordability and Stability Plan

On Wednesday, February 18, 2009 President Barack Obama unveiled his Homeowner Affordability and Stability Plan. The four main points are:

  • refinancing help for four to five million homeowners who receive their mortgages through Fannie Mae or Freddie Mac
  • new incentives for lenders to modify the terms of sub-prime loans at risk of default and foreclosure
  • steps to keep mortgage rates low for millions of middle class families looking to secure new mortgages
  • additional reforms designed to help families stay in their homes

"The plan I’m announcing focuses on rescuing families who have played by the rules and acted responsibly," the President said, "by refinancing loans for millions of families in traditional mortgages who are underwater or close to it; by modifying loans for families stuck in sub-prime mortgages they can’t afford as a result of skyrocketing interest rates or personal misfortune; and by taking broader steps to keep mortgage rates low so that families can secure loans with affordable monthly payments."

Administration Launches New Consumer Website For Responsible Homeowners Seeking Relief

Click here for Homeowner Affordability and Stability Plan Fact Sheet

Click here for Executive Summary

Click here for Questions and Answers

Bank Mortgage Assistance Programs

For mortgage customers of these institutions, please click on their logo for bank-provided information.

 



Other Mortgage Assistance Programs

For more information, click on the institutions logo below.


 


 


 



New England Federal Reserve Program

Participating Banks
Listed Below

Five banks are working together with the Federal Reserve Bank of Boston to reach out to some of the New England homeowners who have been affected – or may soon be affected – by the recent mortgage crisis.


 


 



MMI Phases: Bridging the gap to financial Wellness

PHASES -- Preserving Homeownership and Savings Education Strategy - HSBC Provides Additional $1 Million Grant to Expand Foreclosure Prevention Program - Now available in Fifteen States

Additional Bank Mortgage Assistance Programs


More Background Info

We all have a stake in the outcome of the current financial crisis – affecting homeownership, the mortgage lending crisis, personal finances, and more.  The origins of the crises began several years ago.  The editors launched this section with the following introduction, which may be of interest to you.  Click here for the introduction. (more)

 
Subsections
Featured NCRC Rescue Program
Featured Federal Rescue Program
Special Features

NCRC President and CEO John Taylor comments on CNN’s Lou Dobbs
CNN - (December 12, 2008)
John Taylor, President & CEO of the National Community Reinvestment Coalition (NCRC), appearing on CNN's Lou Dobbs to discuss the lawsuit against Countrywide Financial brought by a group of investors.

House of Cards - The U.S. Mortgage Meltdown
60 Minutes, CBS - (May 25, 2008)
Steve Kroft reports on the U.S. sub-prime mortgage meltdown, in which risky loans drove a housing boom that went bust, and how this crisis is now roiling capital markets worldwide. 

 
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