Press Release, Center for Responsible Lending, March 6, 2008

The Center for Responsible Lending states: "The Institute for Foreclosure Legal Assistance today announced it has awarded $6.5 million in grants to 27 legal-aid offices in 19 states and the District of Columbia. The grants are a first step in a multi-year program to bolster local groups nationwide who are assisting the growing legion of borrowers facing foreclosure . . . . The grants range in size from $75,000 to $375,000, will be provided over three years with annual reviews, and will enable these organizations to hire additional attorneys specializing in foreclosure prevention . . . . 'Legal services attorneys have been on the front lines of fighting against foreclosures for many years, and I am thrilled that we can provide funding to some of our nation's best legal advocates,' said Ira Rheingold, executive director of [the National Association of Consumer Advocates (NACA)]. 'My only regret is that there is not enough money available to fund all the deserving programs attempting to meet the legal needs of families across the country desperate to prevent losing their home to foreclosure.'" The Institute for Foreclosure Legal Assistance is funded by Paulson and Co. Inc., a private investment firm.

Reprinted with permission.