FOR IMMEDIATE RELEASE
ICBA Launches National Community Bank Mortgage Week
Community Banks Help Provide Solutions to Mortgage Problems
Washington, D.C. (Nov. 5, 2007)—The Independent Community Bankers of America (ICBA) today announced that nearly 1,000 locations nationwide are participating in ICBA National Community Bank Mortgage Week, Nov. 5-9. This week, consumers can have their mortgage documents reviewed by experts at their participating local community banks or discuss financing options with community bank officials.
"If a homeowner doesn't understand their mortgage, would like to come to talk about refinancing or is a first time homebuyer or is ready for a new home, now is a good time for them to visit their local participating community bank to work with a housing finance specialist," said James P. Ghiglieri, Jr., ICBA chairman and president of Alpha Financial Group, Inc. in Toluca, Ill. "As stable, common sense lenders, community banks can help clear up some of the confusion homeowners may have about their mortgages and help those who need to finance a home or refinance their existing mortgage and discuss financing options that are right for the borrower."
ICBA National Community Bank Mortgage Week is a response by community banks to the uncertainty in today's mortgage marketplace. During the week, community banks are prepared to talk with borrowers who have mortgages with terms they don't understand and wish to have explained by a loan officer they can trust, have adjustable rate mortgages that are about to reset and need to discuss refinancing options, or are considering making a first home or new home purchase.
"Community banks are well-run, highly capitalized and closely regulated institutions that are not generally experiencing the credit and funding problems making headlines these days," said Ghiglieri. "ICBA is encouraging people to talk to the common sense lenders who will help borrowers find a mortgage that is affordable and right for them. Community banks stand ready to be part of the solution to the problems in the marketplace."
ICBA's business partners for ICBA National Community Bank Mortgage Week are Fannie Mae, Freddie Mac, the Federal Home Loan Banks, Taylor Bean & Whitaker and national non-profits NeighborWorks® America and the Homeownership Preservation Foundation.
To find a participating community bank in your local area or for additional information, visit www.icba.org/mortgageweek.