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Contact: Keosha Burns, (202) 589-2427
HOPE NOW Alliance Created to Help Distressed Homeowners
Treasury, HUD, mortgage servicers and counselors team up to reach out,
explore solutions
Washington, D.C. – October 10, 2007 – A new national alliance, HOPE NOW,
was announced today by Treasury Secretary Paulson and Housing Secretary
Jackson to reach out and help homeowners who may not be able to pay their
The HOPE NOW collaboration of credit and homeowners’ counselors, mortgage
servicers, and mortgage market participants was formed with the encouragement
of the Department of the Treasury and Department of Housing and Urban
The alliance will:
• Explore a variety of methods to reach out to at-risk homeowners, including
a direct-mail campaign to encourage at-risk borrowers to call their
mortgage servicer or a credit counselor.
• Work to improve communications between servicers and non-profit
counselors to speed outreach and to develop and explain options for at-risk
• Develop standards with investors to enable counseling sessions for
homeowners to be funded by servicing contracts.
“Individually, mortgage servicers have undertaken a wide variety of efforts to
encourage at-risk customers to work with us on options to avoid foreclosure,” said
Michael J. Heid, Co-President of Wells Fargo Home Mortgage. “HOPE NOW
will harness the collective strength of counselors, capital markets investors and
mortgage servicers in a more coordinated way and will bring to bear the full power
of the government for the benefit of all consumers across our nation.”
“We are encouraging servicers and counseling organizations to work together and
implement reimbursement procedures where appropriate to keep borrowers in
their homes,” said George Miller, Executive Director of American
Securitization Forum.

Homeowners who are worried about their mortgage should contact their lender as
soon as possible or go to the HUD website or to find non profit credit counselors.
HOPE NOW is an alliance between counselors, mortgage market participants,
and mortgage servicers to create a unified, coordinated plan to reach and help as
many homeowners as possible. The members of this alliance recognize that by
working together, they will be more effective than by working independently. The
Department of the Treasury and the Department of Housing and Urban
Development encouraged these leaders to form this alliance, which includes, as of
October 10th, American Financial Services Association, American Securitization
Forum, Assurant, Inc., Bank of America, CCCS Atlanta, Inc., Citigroup Inc.,
Consumer Bankers Association, Consumer Mortgage Coalition, Countrywide
Financial Corporation, Fannie Mae, The Financial Services Roundtable, First
Horizon National Corporation, Freddie Mac, GMAC ResCap, Homeownership
Preservation Foundation, Housing Partnership Network, The Housing Policy
Council, HSBC Finance, JPMorgan Chase & Co, National City, NeighborWorks
America, Mortgage Bankers Association, Option One Mortgage, PMI Mortgage
Insurance Co., Securities Industry and Financial Markets Association, State Farm
Insurance Companies, SunTrust Mortgage, Inc., Washington Mutual, Inc., Wells
Fargo & Company. More companies and organizations are expected to join in the
coming months.
Visit for more information.