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CAMB-Preserving Home Ownership Initiative (PHOI)
As we continue to struggle through an extraordinarily difficult period in the mortgage industry, I want to share with our membership one of CAMB's great accomplishments of the past year: the success of our Preserving Home Ownership Initiative (PHOI).During the past twelve months, an army of CAMB volunteers, led by Community Services Committee Chair, Mary Harman, has donated time and expertise to help stem California's rising tide of foreclosures by counseling consumers throughout the state on the loan modification process.
The program began as a way for homeowners to have their loan documents reviewed by CAMB members who would highlight pertinent information in the documents, alert homeowners about upcoming changes in their mortgage programs, and advise them on what they needed to do to be prepared. After last year's mortgage meltdown, the focus of the program shifted to saving consumers from foreclosure whenever possible.
To broaden our outreach, CAMB partnered with the California Department of Consumer Affairs and State Consumer Services Agency, participating in more than 40 foreclosure workshops statewide.As a result of our efforts in these workshops, CAMB's PHOI program is officially recognized by the state of California as the best program currently offered for consumer assistance.Our participation in these events led to invitations to participate in the Governor's Task Force on Non-Traditional Mortgages with FDIC Chair, Sheila Bair, as well as other influential housing organizations.
Mortgage Resets:
But that's not all our volunteers have been up to: the PHOI program has put CAMB on television!CAMB volunteers have participated in televised mortgage consumer hotlines in Sacramento, San Diego, and Los Angeles. Viewers saw our members working telephone banks, helping hundreds of homeowners who had called in to ask for assistance with their mortgage problems.During the past twelve months, CAMB conducted several telethons – two with KCRA-TV in Sacramento, one with Channel 10 in San Diego, one with KABC-TV in Los Angeles, and one with Univision, KUVS-TV, in Sacramento.The telethons have been highly successful for the stations, earning Channel 10 in San Diego the number one spot in the market that day.HUD was on-site for the hotline in Los Angeles and after witnessing CAMB brokers in action, is working to help CAMB become a HUD-approved counseling agency.Additionally, HUD has sent a memo to Washington regarding the event with the suggestion they do more with CAMB as a means to help consumers get the assistance they need.
Being a member of CAMB is more than just being a part of an association.CAMB members are dedicated to consumer protection, and our PHOI program volunteers have demonstrated that.At a time when survival has become the name of the game, these individuals have sacrificed time, money, and resources to make this program a success.Our thanks are extended to Chair, Mary Harman, to Jack Williams, and to the many volunteers who have given their valuable time on our behalf.We encourage all members to get involved with this program and to feel the fruits of giving back to our communities in this time of great need.
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