Cambridge President Urges Mortgage Re-writes to Save Homeowners

Cambridge Credit Counseling President Christopher Viale announces Home Sweet Home initiative to help avert foreclosures and restore market stability

Agawam, MA (PRWEB) October 9, 2008 -- With Wall Street focused on the details of last week's bailout, millions of American homeowners continue to struggle to avoid foreclosure. Throughout Tuesday evening's Presidential debates, both candidates acknowledged the need to keep those on the verge of foreclosure in their homes. It is also important to recognize the significant number of homeowners in need of reductions in their monthly mortgage payments who are not yet facing delinquency. These are families living one financial setback away from disaster. Homeowners in this predicament are barely meeting their mortgage obligations and, as a result, have little or no discretionary income, preventing them from full participation in our economy as healthy consumers.

A number of rescue plans have recently been circulated to save American homeowners, and while they are certainly a piece of the puzzle, program costs and eligibility limit the scope of their possible effectiveness on a nationwide scale. As time runs out for ordinary Americans looking to stay in their homes, and before the credit crisis derails more of our economy, Cambridge Credit Counseling Corp. (www.cambridgecredit.org) President Christopher Viale is proposing common-sense solutions from a consumer perspective. The Home Sweet Home initiative is Viale's plan to help struggling homeowners, and it ultimately provides a measure of stability to the economy. Both the private sector and the federal government would be required to take action and make reasonable concessions for the strategy to be effective, and, though it may not be appropriate for every situation, Viale believes his plan could be a lifeline for many of those currently drowning in mortgage debt.

"Everyone in a position to share their expertise - politicians, financial executives, economists and others, must come to the table to help contribute solutions to this crisis. Our agency hears from thousands of consumers every month, and we know the kind of relief they need. The federal government is providing massive amounts of aid to banks, and we need that kind of effort at the consumer level, as well. I'm confident that Home Sweet Home could be an important part of the solution," notes Viale.

Click here (http://www.cambridge-credit.org/pdf/homesweethome.pdf) to download Home Sweet Home: A Cambridge Credit Counseling Corp. Call to Action to Resolve the Foreclosure Crisis

ABOUT CAMBRIDGE CREDIT COUNSELING CORP.

Cambridge Credit Counseling Corp. is a professional debt counseling agency dedicated to educating young adults on the importance of sound financial management and providing financially distressed Americans with education and debt management services appropriate to their needs. For more information on this article or to schedule an interview, please call 413-821-6919.

Visit Cambridge Credit Counseling Corp. online at www.cambridgecredit.org. To learn more about Cambridge and the community, please visit www.youtube.com/CambridgeCredit. or check out the Cambridge Credit Counseling Corp. financial literacy blog at http://www.cambridgecredit.blogspot.com.

Contact:

Christopher Viale

Cambridge Credit Counseling Corp.

413.821.6919

cviale @ cambridgecredit.org

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