HSBC $1 Million Grant Offers Homeowners Debt Relief and Counseling

Money Management International (MMI), a national HUD-approved housing counseling agency and nonprofit credit and debt counseling firm, today announced the launch of its Preserving Homeownership and Savings Education Strategy (PHASES) program.

The MMI PHASES program is made possible with a $1 million grant from the Prospect Heights, Ill.-based HSBC-North America, one of the top 10 financial services companies in the United States. Through this pilot program, MMI provides qualified homeowners with grants to pay outstanding debts and one-on-one financial counseling sessions to help keep families in their homes.

According to a recent report released by the Mortgage Bankers Association, the percentage of mortgages entering foreclosure in the first quarter of 2007 was highest in more than five decades. The MMI PHASES program, which pilots in Illinois, California, Florida, Ohio and New York, aims to tackle this trend by uniting business and nonprofit leaders to rebuild financial lives.

“Owning a home is the American Dream, and the last thing we want is for families to see their dream disappear,” says HUD Secretary Alphonso Jackson. “FHA lending relief measures continue to help families around the nation work through difficult times and stay in their homes.”

“HSBC is delighted to partner with MMI in this important home preservation program,” says Tom Detelich, president of Consumer and Mortgage Lending, HSBC Finance Corporation. “We are committed to working with leading national and local community organizations such as MMI, and providing funding, counseling and other practical tools to help families manage through unforeseeable circumstances.”

Unfortunately, many consumers find themselves in financial difficulty because of circumstances beyond their control. “In many cases, a temporary financial setback such as unexpected medical expenses or a reduction in income leaves families unable to financially recover in time to save their homes,” says Ivan Hand, president and CEO of Money Management International. “We are privileged to offer this unique opportunity to help families get back on track.”