The California Reinvestment Coalition (CRC) has partnered with Merrill Lynch, HSBC-North America, Wachovia Bank, Comerica Bank, Wells Fargo Bank, Countrywide Financial, Citi, Bank of America, San Francisco Foundation and California Community Foundation to create an initiative intended to aid mortgage counselors throughout California.
Through the initiative, called the California Home Ownership Preservation Initiative, mortgage counseling agencies will receive $4.6 million to build their capacity over the next two years, CRC says.
The initiative partners have released a request for proposals from California nonprofit organizations serving troubled home loan borrowers, encouraging them to apply for funds that will increase their capacity to assist their clients.
