RISMedia (04/24/08)
Freddie Mac has awarded $10.5 million in grants to housing counseling organizations working to keep borrowers from losing their homes to foreclosure. Part of a settlement between the Office of Federal Housing Enterprise Oversight and former Freddie Mac CEO Leland Brendsel, the grants include disbursements of $6.385 million to the HOPE NOW Alliance, $500,000 to the Neighborhood Assistance Corporation of America and $500,000 to Don't Borrow Trouble. "Freddie Mac's mission to expand homeownership includes helping delinquent borrowers avoid foreclosure whenever possible," says Richard Syron, CEO and chairman of Freddie Mac. The money will be used by the nonprofits for outreach campaigns that help borrowers make their mortgage payments, staff training and other expenses.
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