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Mortgage Industry Supports Foreclosure Prevention Campaigns
21st October 2008
Over 100 million households have learned about where to go for help if they’re experiencing mortgage trouble that might lead to foreclosure through a national public service advertising campaign led by NeighborWorks(R) America in partnership with the Ad Council. Launching with material financial support from the home loan and financial services industries in June 2007, the television, radio, Internet and outdoor ad campaign is the third most active Ad Council campaign, trailing only the organization’s effort to promote broadcast TV parental controls and the long-running drunk driving prevention campaign.
In all, the mortgage and financial services industry supported public service advertising campaign has generated nearly $74 million in donated ad time. As a result of this and other outreach efforts by participating non-profit organizations, mortgage lenders and thousands of homeowners who faced possible home foreclosure have contacted non-profit housing counselors around the county and received information regarding loan modifications that can help families avoid foreclosure.
“The advertising campaign continues to show progress and success,” said Kenneth D. Wade, CEO of NeighborWorks America. “With more than 100 million broadcast, Internet and outdoor media impressions since the campaign’s launch a year ago, we know that many people who would have been foreclosed upon have prevented foreclosure and remain in their homes.”
“The current financial crisis has its beginnings in the weakness of the housing market,” explained Wade. “We believe that an important step in reversing the current decline in the housing market involves continued outreach to homeowners with the right information they need to help them save their homes or get into a more sustainable housing situation. That’s why this effort will continue into 2009 and NeighborWorks America is working on additional tactics to help strengthen homeownership and stabilize communities.”
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