Lenders, NeighborWorks Target Foreclosures

Twelve major mortgage lenders have allied with the NeighborWorks Center for Foreclosure Solutions, Washington, D.C., to launch a campaign to avert foreclosures in demographic and geographic hot spots.The national partnership aims to minimize foreclosures by providing better research and early alert systems, improving counseling capacity, and expanding partnerships among cities, lenders, and servicers. The lenders will provide more than $1 million to the NeighborWorks Center for the campaign, along with trade insights and information, NeighborWorks said. "This show of support from the lending community demonstrates the enormous stake we share with lenders in the effort to stop foreclosures," said Ken Wade, chief executive officer of NeighborWorks America. The participating lenders are Bank of America, Citigroup, Countrywide Home Loans, HSBC-North America, Chase, National City Mortgage Co., New Century Financial Corp., Ocwen Loan Servicing LLC, Option One Mortgage, Residential Capital Corp., Washington Mutual, and Wells Fargo.