Wells Fargo to Give $1.5 Million to National Homeowner Counseling Organizations

WASHINGTON, DC--(Marketwire - February 15, 2008) - NeighborWorks® America, the National Foundation for Credit Counseling and the Housing Partnership Network will each receive $500,000 Wells Fargo grants totaling $1.5 million.

The organizations, leaders in a variety of homeownership and foreclosure prevention campaigns, including the HOPE NOW Alliance, will distribute the money to local nonprofit housing agencies that are working every day with homeowners struggling to pay their mortgages.

"The foreclosure crisis that has exploded over the past year has created a dramatic increase in demand for assistance from our member organizations," said Tom Bledsoe, CEO of the Boston-based Housing Partnership Network. "This grant from Wells Fargo is immensely important, not just because of the funds, which are very much needed, but also because of the leadership role that Wells Fargo is playing in recognizing the importance and value of counseling."

"The NFCC commends Wells Fargo for its leadership in helping homeowners avoid foreclosure through financial education. With the largest network of housing counselors in the nation, the NFCC is well-positioned to put this money to good use," said Susan C. Keating, president and CEO of the National Foundation for Credit Counseling. "Many homeowners are seriously hurting. The funding from Wells Fargo will extend the reach of NFCC qualified counselors to help more individuals and families."

"We are excited to receive this donation from Wells Fargo, a long-time supporter of community-based programs offered by the national NeighborWorks network," said Kenneth D. Wade, CEO of Washington, DC-based NeighborWorks America. "The funds from Wells Fargo provide much needed support for nonprofit housing counselors to continue their work keeping people in their homes. Demand for counseling services is stretching resources and is only expected to increase as more mortgages reset to higher and often unaffordable amounts this year."

The $1.5 million grant from Wells Fargo will support foreclosure counseling and prevention services for homeowners in owner-occupied, single-family dwellings in cities and states with high rates of default and foreclosure.

NeighborWorks America, National Foundation for Credit Counseling and the Housing Partnership Network will provide these funds to local network counseling centers to support foreclosure counseling and prevention initiatives.

"Wells Fargo is committed to its leadership role in supporting consumer education and the work being done by housing counselors to help consumers manage their personal financial position," said Mike Heid, Co-President of Wells Fargo Home Mortgage. "We urge families facing difficulty paying their mortgage to call their servicer, a credit counselor or the Homeowner's HOPE™ Hotline, 888-995-HOPE."

About NeighborWorks America

NeighborWorks® America creates opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. To date, we have assisted nearly 850,000 low- to moderate-income families with their housing needs. Much of our success is achieved through our support of the NeighborWorks network more than 235 community development organizations working in 4,400 urban, suburban and rural communities in all 50 states, the District of Columbia and Puerto Rico. In the last five years, NeighborWorks organizations have generated more than $12.4 billion in reinvestment in these communities. NeighborWorks America is the nation's leading trainer of community development and affordable housing professionals. www.nw.org.

About National Foundation for Credit Counseling

With over 100 member agencies and more than 900 local offices throughout the country, the NFCC is the national voice for its members, which are nonprofit, mission driven, community-based agencies. Many NFCC members are known as Consumer Credit Counseling Service ("CCCS"). An increasing number of agencies operate under other names, but all members can be identified by the NFCC member seal. This seal represents accredited agencies with high standards, ethical practices, certified counselors, and policies and practices which help consumers achieve financial stability.

About The Housing Partnership Network

The Housing Partnership Network is a peer network and business alliance of 94 of the nation's top-performing nonprofit housing developers, owners, lenders, and housing counselors. The Network helps these strong, accomplished organizations increase their production and impact through a unique, member-driven cooperative that shares knowledge and innovation, pools resources to access the capital markets more efficiently, and shapes policy that reflects and enhances their practice. Together, Network members have developed or financed more than 500,000 affordable homes; helped lower-income families improve and repair nearly 200,000 homes; and provided homeownership counseling and support to more than 400,000 families. www.housingpartnership.net

About Wells Fargo

Wells Fargo & Company is a diversified financial services company with $575 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody's Investors Service, Aaa, and Standard & Poor™s Ratings Services, AAA.

Contact Information: Contact: NeighborWorks America Doug Robinson 202 220 2360 National Foundation for Credit Counseling Gail Cunningham 940 691-6322 Housing Partnership Network Manuel Muelle 617 259-1803