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December 5, 2007
The Role Nonprofits Are Likely to Play in Resolving the U.S. Mortgage Crises
Government can't do it alone, at least not very effectively. That seems to be the conclusion in the December 4, 2007, Washington Post article entitled "Nonprofit Groups Take Center Stage." The article reflects on the important role of nonprofit counseling centers in assisting mortgage lenders, borrowers and even government in finding its way through the current U.S. mortgage crisis. Here is an excerpt from the article:
In the middle of his speech yesterday on the administration's efforts to fix the mortgage crisis, Treasury Secretary Henry M. Paulson Jr. paused to carefully spell out a toll-free telephone number that troubled homeowners can call for help.
The hotline is not staffed by government officials or mortgage lenders. Rather, the calls are answered by consumer counselors from nonprofit groups, which are taking an increasingly high-profile role in helping borrowers with mortgage problems.
The groups are acting in some cases as a buffer between lenders and homeowners. Legislation is pending before Congress that would tap NeighborWorks America, a national nonprofit group, to distribute $200 million to local counseling centers. In October, the Neighborhood Assistance Corporation of America, often a vocal critic of mortgage lenders, signed a deal with Countrywide Financial, the nation's biggest mortgage lender, to help restructure loans for struggling Countrywide clients.
However the administration addresses the mortgage crisis, "they are going to need the nonprofit community," said Kenneth D. Wade, chief executive of NeighborWorks.
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