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National Council of La Raza Launches Housing Counseling Hotline The National Council of La Raza (NCLR), the nation's largest Hispanic civil rights and advocacy organization, has launched a phone counseling service aimed at helping homeowners facing foreclosure. "There are about two million families in the process of losing their homes at this very minute, and drastic funding cuts have completely gutted foreclosure prevention programs at a time when we need them the most," said Victor Burrola, director of the NCLR Homeownership Network (NHN). "We're hopeful that this hotline will provide the relief and expertise that countless homeowners need to navigate the confusing options before them and possibly save their homes." Residents of Arizona, Colorado, Utah, Nevada, Michigan, and Washington state are now able to call the new hotline to speak with HUD-certified housing counselors who will help them navigate through their options of applying for a loan modification, short sale, refinance, or submitting a claim of wrongful foreclosure. The hotline works by providing borrowers with the option of attending a one-onone counseling session with a local NHN counselor or other HUD-approved housing counseling agency. If that option is not possible, then a housing counselor will provide in-depth foreclosure prevention counseling over the phone. Everything from providing an initial counseling and analysis of a homeowner's situation and options to working with them throughout the loan modification process is included in the service. "Understanding the nuances of the foreclosure process is difficult for most people and is only made worse by loan modification scammers who particularly target Latinos and other communities of color, charging them thousands of dollars without providing assistance," Burrola said. "We are now offering an easy, credible place to turn to so that no homeowner feels that they are out of options." Homeowners can contact the housing counseling hotline by calling (888) 532-3021. Headquartered in Washington, D.C., the NCLR Homeownership Network (NHN) is comprised of 50 community-based counseling providers. 82 MICA Members Write $396B in New Mortgage Insurance in May Mortgage Insurance Companies of America (MICA) released a report in early July showing that member companies reported a total of $396 billion in primary insurance in force as of the end of May. That's down nearly $1 billion from April and is the lowest total in a year-long fall. Member companies received 38,355 mortgage insurance applications in May, and 35,431 borrowers were issued private mortgage insurance to buy or refinance a home. Both numbers are relatively large jumps compared with somewhat flat figures reported for March-to-April and both are roughly 15,000 more than they were in May 2011. The dollar volume of primary new conventional mortgage loans in May was an estimated $8.7 billion, an increase from April and the highest monthly figure within the last year. MICA members reported 23,687 defaults and 18,397 cures during the month of May, a cure-to-default ratio of 77.7 percent. That's down from a 91.6 percent ratio in April and triple-figure ratios in March and February. Statistics in the D.C.-based trade group's report included data from Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, and Radian Guaranty Inc. The World Wide Web is a busy place. DSNews.com cuts through the noise. The information you need, Loud and Clear. KNOW THIS For the second year in a row, the Washington, D.C. metro area ranked as the nation's strongest local economy, according to the 2012 study conducted by the independent research firm Policom. Call 214.525.6700 or visit DSNews.com.