Today, we are giving a shout out to the Ohio Housing Finance Agency (OHFA), which is using the media in a manner that deserves attention, respect and emulation.
Last month, the OHFA teamed up with the Ohio Association of Broadcasters, which runs a program that offers localized public service announcements (PSAs) to stations across the Buckeye State. OFHA has created a campaign called ‘Take a Second Look’ that encourages local homeowners to re-evaluate their mortgages to determine if there is the potential for trouble in the none-too-distant future. If such trouble is located, homeowners are urged to take actions – and those who find themselves facing the potential for lethal damage are urged to get in touch with the OFHA.
The PSA for ‘Take a Second Look’ began running on Ohio radio stations last month, and it is scheduled to stay on the air through Feb. 10. OFHA set up a new page on its Web site to mirror this PSA campaign.
Using a PSA to provide calm, rational assistance to distressed homeowners is an excellent idea that works at many levels. The free advertising PSA format, of course, is not limited to radio: TV, publications, Web sites and outdoor advertising venues routinely offer space for campaigns designed to build public awareness and education to critical matters. Increasingly, many PSA programs are duplicated in Spanish for use by the nation's growing Hispanic media.
Creating a PSA connected to residential lending is not a new idea. In the past year, the Mortgage Bankers Association and the California Housing Finance Agency have commissioned TV and radio spots relating to consumer literacy, while the North Dakota Housing Finance Agency produced a PSA relating to payment forbearance for victims of last summer's Northwood tornado.Â
But in view of the current crisis facing the housing markets, it would seem that the PSA strategy is a great idea. The coalition HOPE NOW agrees, and is using the PSA strategy to get its message out on a national level. But at a statewide level, PSA campaigns relating to the subprime and foreclosure situation are hard to find (at least I am unable to locate examples – please let me know if I am incorrect on that level).
OFHA's strategy deserves kudos. Recruiting the media as an ally is wise and wonderful, and hopefully, many Ohio residents facing uncertainties will respond to ‘Take a Second Look’ as a means of preserving their homeownership. As long as the current crisis is with us, let's hope other housing finance agencies (plus state mortgage banking organizations) follow Ohio lead and proactively use the airwaves with this intelligent strategy.
– Phil Hall, editor, Secondary Marketing Executive
(Please address all comments regarding this opinion column to hallp@sme-online.com)
