Homeownership Preservation Foundation formed, funded, run by the Industry
Remember, HPF’s own statement about their counseling above: “Our credit counseling partners are neutral third party resources.” It appears they admit they are a lender front, or they are bragging that the agencies they refer callers to have been compromised (i.e., the counselor is not on the borrower’s side). Thus, the push for the national number — “call us, and we will send you to a group that we approve of.”
In addition to the support of the industry that has a bit of power in Washington and beyond, was it mentioned that Homeownership Preservation Foundation hires outside lobbyists? They have spent more than $60k doing that so far this year with the law firm of Dykema Gossett. Source.
It is safe to say the Homeownership Preservation Foundation was started by the mortgage industry, run by the mortgage industry, invested in the mortgage industry, and protects the mortgage industry. They bought influence with some alleged consumer groups to go along (e.g., Neighborworks). The mortgage industry already had the local, state and national governments in their pocket who repeat the mantra of their choosing. The mortgage industry created this shell hotline that does little and then sends the callers to agencies they approve of, while collecting the stats and spinning them as they wish, but more on that tomorrow.
Not a lot to add to this. I am just keeping a running tab on it.