Alliance for Stabilizing our Communities Forms to Help Preserve Homeownership Among Multicultural Households

Alliance Pools Expertise, New Resources to 27 Highly Impacted Communities

CHICAGO, March 5 -- Ethnic communities hardest hit by the foreclosure crisis will receive much needed resources to help preserve homeownership thanks to a new national coalition announced today. The Alliance for Stabilizing our Communities - led by the National Urban League (NUL), the National Council of La Raza (NCLR), and the National Coalition for Asian Pacific American Community Development (National CAPACD) - was created, with the help of Bank of America, to assist multicultural homeowners facing foreclosure identify and procure the best housing solutions possible.

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Specifically, the alliance will direct new resources to a nationwide network of local housing counseling entities in 27 communities with numbers of multicultural homeowners at risk of foreclosure above the national average. These resources will provide greater capacity to the local partners, enabling them to respond more effectively to homeowners seeking assistance. Counselors anticipate significantly increased demand for assistance following the Obama Administration's new Making Home Affordable plan going into effect in March.

As part of Bank of America's $35 million neighborhood preservation and foreclosure prevention package announced last year, the alliance will receive $2.5 million from Bank of America to provide:

* Additional counselors in local markets
* Training to new and existing counselors
* Multi-language outreach materials to educate at-risk borrowers about their options
* A new resource guide to help communities respond to foreclosure challenges

The alliance will also organize 40 home retention fairs that are expected to serve more than 11,000 households. The fairs will provide extensive onsite counseling services by HUD- approved alliance nonprofits in multiple languages. Bank of America home retention associates will work with the nonprofits at these fairs to review loans and determine refinancing, modification or other options. Last year, Bank of America announced it will offer loan modifications over the next three years to as many as 630,000 Bank of America and Countrywide customers, representing more than $100 billion in mortgage financing.

"The alliance brings together the most trusted advisors in our ethnic communities to better address the unique needs of these homeowners, including bringing more resources to our local affiliates to help keep families in their homes or find the best option for them," said Janet Murguia, president and CEO, NCLR.

"We are proud to be a part of the alliance," added Lisa Hasegawa, executive director, National CAPACD. "Our members and partners best understand the cultural nuances and challenges that too often prevent at-risk Asian American and Pacific Islander families from getting the assistance they need to keep their homes. By bringing together our combined expertise and resources, we can assist homeowners in a linguistically and culturally competent manner."

"Homeowners can look to this alliance and its local network of trusted experts for help," said Marc H. Morial, president and CEO, National Urban League. "The National Urban League is proud to be a part of this national effort bringing more resources and counseling services to those in greatest need."

"We see first-hand the effects of the deteriorating economy on homeowners and their communities," said Andrew Plepler, Bank of America Global Community Impact executive. "Sustained homeownership and recovery of our communities is a priority for Bank of America, as evidenced by our completion of approximately 230,000 loan modifications for our mortgage customers in 2008 alone. With the help of the alliance and its network of trusted advisors, we can assist even more homeowners in some of the hardest hit communities to achieve long-term mortgage sustainability."

The 27 communities the alliance will target with these new resources are: Phoenix, Ariz.; Tucson, Ariz.; Los Angeles, Calif.; Montebello, Calif.; Stockton, Calif.; San Diego, Calif.; Oakland, Calif.; Denver, Colo.; Ft. Lauderdale, Fla.; Tampa, Fla.; Atlanta, Ga.; Dalton, Ga.; Chicago, Ill.; Hawaii; Kansas City, Kan.; Minneapolis and St. Paul, Minn.; St. Louis, Mo.; Boston, Dorchester and Lowell, Mass.; Las Vegas, Nev.; Newark, N.J.; Jackson Heights, N.Y.; Rochester, N.Y.; Cleveland, Ohio; Columbus, Ohio; Dallas, Tex.; Falls Church, Va.; and Norfolk, Va..

For more information, consumers can call 1-866-842-3391, visit any alliance member organization office or attend a local home retention fair.

Source: Bank of America