LOS ANGELES, CA, Aug 29, 2008 (MARKET WIRE via COMTEX) -- John Hope Bryant, Founder, Chairman and CEO, and Bill Walbrecher, President and COO of Operation HOPE (HOPE), jointly announced today that HOPE is in full support of the loss-mitigation plan announced recently by Federal Deposit Insurance Corporation (FDIC) Chairman Sheila C. Bair. John Hope Bryant, who also serves as Vice Chairman of the U.S. President's Advisory Council on Financial Literacy, said, "The loss-mitigation plan announced by FDIC Chairman Bair to provide mortgage loans at affordable yields for troubled IndyMac Federal Bank borrowers is a giant step in the right direction to help distressed borrowers avoid foreclosure and stay in their homes at interest rates and terms that are affordable."
The FDIC program provides systematic modification of delinquent loans. IndyMac FSB mortgage holders who are not aware of the program can go directly to the following link of the press release announcement for questions and answers. http://www.fdic.gov/news/news/press/2008/pr08067.html.
HOPE President Bill Walbrecher is a former Fortune 500 bank CEO who is committed to empowering low-wealth communities with "choice and silver rights opportunity." Bill Walbrecher said that, "The FDIC Loan Modification Program for IndyMac mortgage holders is a unique opportunity because it provides an interest rate below market for loan modifications and essentially protects the working class which is essential to maintaining the stability of our country."
About Operation HOPE
Operation HOPE is America's leading nonprofit social investment banking and financial literacy empowerment organization. With more than 400 private sector partners, 1500 nonprofit organizations and schools, and 100 government partners serving 68 under-served communities in the U.S. cities as well as South Africa, Operation HOPE has raised more than $400 million in its pursuit of educating, assisting and inspiring the next generation of global "silver rights" stakeholders. Through international initiatives and its principal programs: Banking on Our Future (teaching school children about money), HOPE Coalition America (Mortgage HOPE Crisis Hotline, 1-888-388-HOPE, financial emergency preparedness and disaster relief), HOPE Advisors and the HOPE Banking Center Network (loans, bill pay, computer literacy, understanding banking principles), Operation HOPE has assumed the responsibility of piloting the Silver Rights Movement towards making free enterprise and capitalism relevant to all underserved communities. Civil rights icon Ambassador Andrew Young is the global spokesman for Operation HOPE. More information about the organization can be found at www.operationhope.org.
For more information contact: Sherry T. John phone 213.891.2908 email@example.com