Foreclosure Counseling Touted for Katrina Victims

WASHINGTON - NCUA Vice Chairman Rodney Hood, who sits on the board of NeighborWorks America, wants homeowners in hurricane-stricken New Orleans and elsewhere to know that the organization is making a special counseling service available to those individuals who are being faced with foreclosure.

While the program, called NeighborWorks Center for Foreclosure Solutions, is being made available nationwide, it is most keenly needed in those areas where homeowners in New Orleans and in Mississippi who are still struggling from the aftermath of Hurricane Katrina, Hood pointed out.

The program is free of charge and will help those homeowners to renegotiate their mortgages, among other things. "This is just one of the many resources out there," said Hood, emphasizing the main focus is to keep homeowners in their homes.

The program has participants from several major financial entities, including Freddie Mac, Citi, JP Morgan Chase, Countrywide Financial and AIG, among others. "It's free to any homeowner who wants to participate, said Hood.

Homeowners may access the service by calling NeighborWorks America at toll-free (888) 995-HOPE.

NeighborWorks America is a quasi-private entity that is financed mostly by government grants and provides grants and loans to residential community development.

The board consists of representatives of five federal financial institutions, including NCUA.