Foreclosure Help from the Private Sector

This is pretty cool. The owner Black Entertainment Television is kicking in to help people out.

Daily Real Estate News December 11, 2008


Black Media Mogul to Aid Foreclosure

Prevention Billionaire Robert L. Johnson, the founder of Black Entertainment Television and owner of the Charlotte Bobcats NBA team, has announced a plan to fight foreclosures.Johnson has committed $1 billion to enable his minority-owned Urban Trust Bank and a new entity, Homeowners First Bank, to create an arrangement that allows loan servicers to pay the monthly loans missed by borrowers while they work out a repayment plan.“Our mission would be to undertake mortgage foreclosure prevention activities such as substantial loan modifications, reducing principal and interest wherever appropriate; and to ensure that such modifications and overall reductions in mortgage payments will result in protecting homeowners from losing their homes to foreclosure," Johnson said.

Source: PRNewswire (12/10/2008)