Freddie et al. Join NeighborWorks Coalition

Freddie Mac, American General Financial Services Inc., and ABN Amro Mortgage Group Inc. have joined the coalition headed by the NeighborWorks Center for Foreclosure Solutions to help avert home foreclosures.The coalition now consists of 15 financial services institutions, NeighborWorks, and the Homeownership Preservation Foundation. It aims to minimize foreclosures by providing better research and early alert systems, improving counseling capacity, and expanding partnerships among cities, lenders, and servicers. The program was launched April 11 in Ohio, where foreclosures have more than doubled in the past five years, NeighborWorks said. "The national program will target key hotspots across the country where foreclosure rates have skyrocketed," the organization said. The lenders will provide more than $1 million to the NeighborWorks Center for the campaign, along with trade insights and information, NeighborWorks said.