Industry Group Issues Guide for Homeowners Affected by Attacks

The Associated Press Published: Oct 10, 2001

WASHINGTON (AP) - The Homeownership Alliance, a coalition of industry and consumer groups, on Wednesday issued a guide with information on housing aid, mortgage relief and insurance advice for homeowners affected by the terrorist attacks. The guide, called the Homeownership Alliance Source Book, is available on the group's Web site (http://www.homeownershipalliance.com).

It includes information on mortgage relief options such as refinancing, repayment plans and changes in loan terms. For homeowners seeking help or counseling, the guide also provides tips and telephone numbers of contacts in the public and private sectors. It includes contact information for mortgage and housing organizations, insurance companies, credit reporting agencies and consumer groups.

In a related move last week, the Mortgage Bankers Association of America asked military reservists and National Guard members who have been called to active duty to inform their home mortgage lender and discuss their eligibility for lower rates under a new government policy. On Sept. 24, the government announced interest rate reductions for all members of the Reserves and National Guard who are called to active duty and who have home mortgages with Federal Housing Authority-approved lenders. By invoking the 1940 Soldiers' and Sailors' Civil Relief Act, the government required the lenders to cut their rates to a maximum of 6 percent for one year.

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On the Net:

Homeownership Alliance: http://www.homeownershipalliance.com

Mortgage Bankers Association of America: http://www.mbaa.org

AP-ES-10-10-01 1717EDT

-- Anonymous, October 10, 2001