The Reverend Jesse Jackson to Visit L.A. Neighborhood as Rainbow PUSH Coalition Partners With Los Angeles Neighborhood Housing Services and the LA NeighborWorks(R) Center for Foreclosure Solutions to Address Foreclosure Crisis

LOS ANGELES, Nov. 5 /PRNewswire-USNewswire/ — Los Angeles Neighborhood Housing Services, (LA NHS) will host a press conference featuring the Reverend Jesse Jackson as he speaks to homeowners facing foreclosure in a LA neighborhood. Reverend Jackson will urge Los Angeles homeowners at risk of foreclosure to take the first step to avoid losing their biggest investment by calling for help at 888-995-HOPE.

In California, 1 out of 88 homeowners is in foreclosure. In Los Angeles, a family loses their home to foreclosure every hour. Additional foreclosure data include:

— 41,062 Southern California homeowners received notices of default; only half of those will escape foreclosure by refinancing, selling their homes, or bringing their loan current;

— LA County foreclosures for 3rd quarter reached 3,627 reflecting an annual change of 577.9% over the same time last year;

— LA County's foreclosure rate dropped below the state average during the third quarter;

— Third quarter saw a combined 13,314 foreclosures in the seven Southern California counties of Imperial, Orange, Los Angeles, Riverside, San Bernardino, San Diego and Ventura; this is up from 1,960 in the third quarter last year – an increase of 579%;

— Los Angeles led the way out of all counties in Southern California with 3,627 foreclosures.

“We must do all we can to ensure homeownership is preserved for families throughout Southern California. The earlier financially distressed homeowners reach out for assistance, the more options they have to address their mortgage issues and potentially avoid foreclosure,” said Lori Gay, CEO and President of Los Angeles Neighborhood Housing Services.

Rev. Jackson said, “Hope takes a dive with predatory loans, our national finance leaders must step forward.” Rev. Jackson added, “We are facing an economic tsunami, with nothing less than our nation’s economic future at stake. We can pay a little now or a whole lot later; it’s the choice that our political and financial leaders must make and they must make that choice soon.”

LA NHS, along with a number of partner agencies established the Los Angeles NeighborWorks(R) Center for Foreclosure Solutions as a means to addressing the foreclosure crisis. The foreclosure center is dedicated to providing a soft landing for families during this difficult time. LA NHS and its partners include local HUD-certified housing counseling agencies, financial institutions, local realtors, state agencies and legal organizations. These agencies have joined to provide counseling, affordable lending and real estate services as part of the foreclosure solution.

Where: Home of Karen Lee

6565 4th Avenue

Los Angeles, CA 90043

When: Tuesday, November 6th at 9:30 a.m.

What: Press Conference with Reverend Jesse Jackson

Industry studies show the foreclosure rate on mortgage loans has increased by more than 50 percent since 2000. With foreclosure activity increasing less than 1 percent in July, and up almost 300 percent over this time last year, California has led the nation in total foreclosures for every month of 2007. More than 100 families per week are losing their homes in the City of Los Angeles. While there are several reasons that can explain why homeowners are facing foreclosure at an increasing rate, the surest way out is to ask for help.

Unfortunately more than 50% of homeowners facing foreclosure do not seek help when they begin to fall behind on their payments, according to industry studies. However, the early stages of delinquency are the most crucial – the same studies show that homeowners who are one or two payments behind are more likely to keep their homes than those who have fallen further behind on their payment schedule.

Los Angeles Neighborhood Housing Services Inc. (LA NHS) is a non-profit committed to creating lifelong homeowners and stable communities for families of modest means throughout Los Angeles County. Over the last 24 years, LA NHS has developed and rehabilitated more than 11,000 housing and commercial units, educated and counseled over 92,000 families, created 175 block clubs, employed 200 neighborhood youth, and invested more than $1.9 billion back into some of Los Angeles’ toughest neighborhoods. As a lender to these underserved communities, Los Angeles Neighborhood Housing Services has maintained a loan portfolio with a 3% or less delinquency ratio and no foreclosures. As a member of the National NeighborWorks(R) network, LA NHS serves alongside 235 other nonprofits nationwide to provide financial counseling, affordable financing and real estate service, investing more than $12 billion nationwide last year alone.

For more information about the fair, please call Ester Cadavid at (213) 381-2862 ext. 126, or cell: (213) 305-0029 or email: ecadavid (at) lanhs (dot) org

The Rainbow PUSH Coalition is a progressive organization protecting, defending and expanding civil rights to improve economic and educational opportunity. The organization is headquartered at 930 E. 50th St. in Chicago. For more information about the Rainbow PUSH Coalition, please visit the organization’s website, http://www.rainbowpush.org, or telephone (773) 373-3366.

SOURCE Rainbow PUSH Coalition

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