Face-Lift for Foreclosure Prevention

The Obama administration is attempting to revive the stalled Hope for Homeowners program that could restore equity to hundreds of thousands of borrowers whose home values have plummeted. According to the Washington Post, after eight months, the program has helped just one borrower secure a more affordable loan.

President Obama signed legislation last week simplifying and lowering the cost of the program for lenders and borrowers. Lenders that participate also are eligible for incentive payments from government bailout funds.

The article also reports that the revised program is now attracting some unexpected backers: Investors who had refused to consider the program's requirement that they forgive some of a borrower's mortgage balance if the home is worth less than is owed, known as being underwater, are now trumpeting that provision. Read more from Washingtonpost.com.

New NeighborWorks Video Demonstrates the Value of Prepurchase Counseling in Preventing Foreclosure

A new video from NeighborWorks America demonstrates the value of getting homeownership education and counseling before purchasing a home.

At the center of this piece is a new homeowner who was proactive in getting the guidance she needed.

It also features NeighborWorks America CEO Ken Wade, who emphasized that prepurchase education is an important weapon against foreclosure.

The counseling services of network member Resources for Residents and Communities of Georgia Inc. were highlighted in this video as well.

The video was completed in partnership with National Business Series, a production company that produces educational documentaries for public television. View video.

Experts Stress Urgency of Green Housing

A NeighborWorks green symposium held in Phoenix May 6 attracted some of the most innovative thinkers in green affordable housing. They stressed the urgency of green housing, given environmental and energy concerns.

Read the summary, get presentations and download the new Green Roadmap for Project Development at nw.org/green.

NeighborWorks CEO Ken Wade Testifies at Congressional Hearing on Foreclosure

On May 13, NeighborWorks America CEO Ken Wade testified before the House Subcommittee on Housing and Community Opportunity on: “The Role of NeighborWorks and Housing Counseling Intermediaries in Preventing Foreclosures.” Read his testimony.

President Obama Releases His FY 2010 Budget Request to Congress

Today, President Obama released the first portion of his detailed FY 2010 Budget.

Earlier in the year (on February 26, 2009), the President unveiled a $3 trillion-plus “Budget Blueprint” for fiscal year 2010, which signaled substantial investments in health care reform, renewable energy and education, and projected a 50 percent reduction in the federal deficit by the end of his first term.

Included in the President’s FY 2010 Budget is $166.8 million in funding for NeighborWorks America. Read more, including a statement from NeighborWorks America CEO Ken Wade.