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December 4, 2007, 01:06 PM ET
Nonprofit Groups Counsel Struggling Homeowners
Consumer counselors from six nonprofit groups are fielding phone calls from troubled homeowners dialing an 800 number for help, reports The Washington Post.
The hotline, touted by Treasury Secretary Henry M. Paulson Jr. during his speech Monday on the Bush administration’s efforts to fix the mortgage crisis, demonstrates the increasing role that nonprofit groups are playing in helping borrowers with mortgage problems.
The toll-free number has seen a spike in volume, to 3,000 calls a day from 300 a year ago. The Homeownership Preservation Foundation, which manages the hotline, estimates that the number of counselors handling those calls will increase from the current level of 180 to 250 by the end of the year.
Legislation pending before Congress would enable NeighborWorks America, a national nonprofit group, to distribute $200-million to local counseling centers. Kenneth D. Wade, chief executive of the organization, said that however officials in the administration address the mortgage crisis, “they are going to need the nonprofit community.”
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