Operation HOPE Officially Opens Atlanta Regional Office and Launches Mortgage and Consumer Credit Crisis Hotlines to Georgia and the Southeast Region

(BUSINESS WIRE)--Los Angeles-based nonprofit Operation HOPE (HOPE), the economic empowerment organization that has successfully educated, served and empowered more than 1.2 million Americans in the area of financial literacy and raised, funded and restructured more than $800 million in economic value for the underserved, hosted a grand opening at their Atlanta regional office on July 29, 2010.

“My mentor and HOPE Global Spokesman, Ambassador Andrew Young once told me that living in a capitalistic society with no access to capital is a sophisticated form of slavery”

The open house celebrated the official opening of HOPE's regional office in Atlanta, which will house several regional staff, including HOPE Chairman John Hope Bryant. Along with the open house reception and ribbon cutting ceremonies at the new Peachtree Street offices, HOPE launched two hotlines focused on helping those needing economic counseling. The Mortgage HOPE Crisis Hotline and the HOPE Consumer Credit Crisis Hotline are a part of Operation HOPE's commitment to support residents of Georgia and the Southeast Region.

"My mentor and HOPE Global Spokesman, Ambassador Andrew Young once told me that living in a capitalistic society with no access to capital is a sophisticated form of slavery," said business bestselling author John Hope Bryant. "Through the launch of our Mortgage HOPE Crisis Hotline and the HOPE Consumer Credit Crisis Hotline, as well as the opening of our regional offices here and soon, our HOPE Center, to be located at the Ebenezer Baptist Church, Operation HOPE is committed to helping underserved individuals and low-income families in Atlanta and throughout the Southeast better understand our economic system and provide them with a hand up not a hand out."

HOPE's ribbon cutting ceremony and open house reception brought leaders from the banking sector, community, government, and clergy together to celebrate the permanent establishment of HOPE in the region. Representing Mayor Kasim Reed's office, Candace Byrd said, "The American dream of homeownership is being tested by a foreclosure epidemic that not only threatens the stability of our economy but also the stability of family and neighborhoods. That's why it's all the more important that we are here to celebrate the opening of Operation HOPE's Atlanta regional office."

Reverend Dr. Raphael Warnock, pastor of Ebenezer Church and HOPE partner in the new and coming HOPE Center to be located at the Martin Luther King Sr. Resource Facility, blessed the new offices. Lending words to the momentous occasion were Ambassador Andrew Young, Martin Luther King III, and Atlanta City Councilman Kwanza Hall.

In attendance were such notables as State Senator Donzella James; daughter of civil rights icon Hosea Williams and board member for Hosea, Dr. Barbara Williams-Emerson; Executive Director of the Andrew Young Foundation, Andrea Young; and President of Clark Atlanta University, Carlton Brown; among others.

Several HOPE Board members were active participants including President of Primerica Life Insurance Company, Jeff Fendler; IT Vendor Relations Manager for SunTrust Bank, Pernell Smalley; President of ABBA Associates Inc., William "Bill" Cheeks.

Local staff based out of the new Atlanta offices are Shari Abbott-Aranda for the Office of the Chairman, James Bailey for Banking on Our Future, College Edition, Tara Dennis for Banking on Our Future, Hope Jay for 5MK, Shasta Moore for Special Projects, Nell Patterson for HOPE Partners and HOPE Founder, Chairman and CEO John Hope Bryant.

The HOPE offices are fully functional and located at Peachtree Tower, 191 Peachtree Street, Suite 4000 Atlanta, GA 30303 and can be reached at (404) 941-2919.

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Regions Program Helps Keep Residential Mortgage Foreclosures Low

(BUSINESS WIRE)--Regions Financial Corporation (NYSE:RF) today announced that it has reached out to over 103,000 residential first mortgage and home equity customers in the first year of its program to help customers avoid hardship. As a result, Regions has taken steps including renegotiating the terms of mortgages, keeping families in their homes and allowing the company to maintain a foreclosure rate of less than one percent for residential first mortgages.

“We have always taken a very proactive approach to ensure that customers who encounter financial difficulty know that they have options and we want to work with them,” said David Rupp, Regions’ senior executive vice president, Consumer Services. “Foreclosure is always a last resort and we continue to work with all customers to help them stay in their homes whenever possible. In fact, our foreclosure rate is less than half the national average.”

Regions launched its extensive Customer Assistance Program (CAP) for troubled borrowers in late 2007, well before the full effects of the credit crisis were realized by most consumers and businesses. Through this comprehensive program, the company has taken the initiative to help distressed borrowers on a variety of fronts, including:

Proactive solutions

* Contacting customers with adjustable rate mortgages six months prior to rate adjustments to discuss modification of their existing loan or the establishment of a new loan.
* Identifying loans that may qualify for the FHA Secure home loan program.
* Training customer service associates in finding options for distressed borrowers.

Customer communication

* Distributing information flyers for branches and special mailings providing contact information and loss mitigation options.
* Producing DVDs addressing payment hardship assistance.
* Posting detailed information about assistance available to homeowners on the Regions.com website.

Community-based partnerships

* Implementing the Hope for Homeowners Program, a HUD initiative that provides a refinance option for borrowers who are current or delinquent on their mortgage with a proven inability to make the monthly mortgage payment.
* Funding efforts by NeighborWorks, a nonprofit agency offering borrowers counseling and additional assistance.
* Participating in local foreclosure prevention clinics sponsored by third parties, such as HUD.

Regions does not originate subprime mortgages, option ARMs, negative amortization mortgages or mortgages with below market introductory rates. These are the kinds of mortgages that have been primarily responsible for the rising number of foreclosures throughout the country.

“Regions has a strong record of responsible lending, and in its first year this program has provided even greater resources and options for our borrowers,” said Rupp. “In situations where we hold the first mortgage and can negotiate with willing customers, we are doing all that we can to keep people in their homes.”

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