Dear All HUD Approved Home Counselors and Homeowners,
At the request of the HUD approved home counselors and myself, our General Counselor, Robert Gnaizda, has coauthored a major article in The American Banker that discusses how we can create one million new homeownership opportunities a year for low to moderate income families. It is called the Dignity Mortgage. We are working on this with John Bryant, the Founder and CEO of Operation Hope.
Please see The American Banker article, October 25th, “How to End the Homeownership Crisis,” which describes the Dignity Mortgage.
Also, please see The American Banker article on October 23rd, “Harbinger of Crisis Now Calling for Subprime Revival,” where the NAAC is quoted at length on the Dignity Mortgage.
Most of the major financial institutions including Chase, Wells Fargo and US Bancorp are supportive. In addition, many other major banks are supportive. Our next step is a discussion with the Treasury Department, HUD, the Federal Reserve and the Office of the Comptroller of the Currency to set a meeting in D.C. that will make the Dignity Mortgage happen by early next year. All the major banks are expected to attend.
A very special thank you to all of our experienced and hardworking home counselors and to the more than six thousand homeowners in distress we have tried to help. (Unfortunately, we are sometimes unable to help due to poor federal regulatory practices and policies and inadequate bank practices and policies)