WASHINGTON — The Financial Services Roundtable's Housing Policy Council lauded NeighborWorks America and The Ad Council on its new public awareness campaign launched to help prevent home foreclosures. Commercials will be shown nationwide that urge homeowners in financial trouble to call 888-995-HOPE. In excess of one million households are expected to enter the foreclosure process in 2007.
John Dalton, president of the Housing Policy Council said, "Responsible lenders want borrowers to be successful. No responsible lender wants to foreclose." Congressman Spencer Bachus said the hotline was a source of reliable information for struggling homeowners. "It offers counseling to borrowers in need from independent, non-profit counselors who will work with borrowers and their lenders to find solutions for problem mortgage situations."
"The Financial Service Committee has worked to encourage lenders, community groups and others to anticipate the needs of borrowers in financial distress to avert as many foreclosures as possible," said Chairman Barney Frank (D-Mass.).
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