Real Estate Appraiser
01-05-2007, 05:03 AM
Freddie Mac Makes Counseling Hotline A Permanent Effort
Payton Oldham | 01.03.07
Freddie Mac recently announced that they have turned a year-old pilot program into a permanent effort. Accompanied by the Consumer Credit Counseling Services (CCCS) of San Francisco and Atlanta, Freddie will use their counseling hotline on a permanent basis to reach borrowers on the verge of losing their homes.
“We have created a [telephone] number that is sent to delinquent borrowers after 45 days,” said Brad German, director of public relations for Freddie Mac. “The idea is that counselors are less threatening than lenders.”
Although success of the program is still being measured, German says it's producing positive results early. “The hotline has increased contact rates of people who decline contact with lenders by 25 percent,” said German. “This is more contact than we would have otherwise had.”
German also shared Freddie Mac's future plans to continue extending services to troubled borrowers. “Later this year, NeighborWorks America, Freddie Mac, and more than a dozen major financial institutions are launching a national ad campaign with the Ad Council to motivate more troubled borrowers to look for solutions by calling 888.995.HOPE,” said German.
Payton Oldham | 01.03.07
Freddie Mac recently announced that they have turned a year-old pilot program into a permanent effort. Accompanied by the Consumer Credit Counseling Services (CCCS) of San Francisco and Atlanta, Freddie will use their counseling hotline on a permanent basis to reach borrowers on the verge of losing their homes.
“We have created a [telephone] number that is sent to delinquent borrowers after 45 days,” said Brad German, director of public relations for Freddie Mac. “The idea is that counselors are less threatening than lenders.”
Although success of the program is still being measured, German says it's producing positive results early. “The hotline has increased contact rates of people who decline contact with lenders by 25 percent,” said German. “This is more contact than we would have otherwise had.”
German also shared Freddie Mac's future plans to continue extending services to troubled borrowers. “Later this year, NeighborWorks America, Freddie Mac, and more than a dozen major financial institutions are launching a national ad campaign with the Ad Council to motivate more troubled borrowers to look for solutions by calling 888.995.HOPE,” said German.