Springboard Receives $65,000 Grant for Foreclosure Prevention Counseling in the Inland Empire Bank of America Charitable Foundation

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Springboard Nonprofit Consumer Credit Management announced today their receipt of a grant for $65,000 from the Bank of America Charitable Foundation. Todd Emerson, president and chief executive officer of Springboard, said, "These funds will help our agency manage increased case work demands in our efforts of counseling homeowners about options and alternatives to foreclosure. We speak with homeowners every day who want to stay in their homes and remain in the communities where they work and their children go to school. Having consumers hear about the free counseling available to them lets them know where they can turn when there's a problem, and what resources are available to them."

We're very pleased to have received this funding, especially in light of the fact that Bank of America has already contributed $500,000 towards foreclosure prevention efforts in California

Springboard Nonprofit Consumer Credit Management announced today their receipt of a grant for $65,000 from the Bank of America Charitable Foundation. The funds are part of a $250,000 grant awarded to several California nonprofits that specialize in foreclosure prevention counseling in Kern, Stockton and Sacramento counties and the Inland Empire. These areas have the highest concentration of foreclosures in the state, and are among the nation's hardest hit by the current mortgage crisis.

The funding comes at a critical point as the agency's foreclosure counseling volume has nearly quadrupled since January of 2007 as mortgage concerns have increased and the awareness of counseling as a first step in addressing mortgage issues is promoted. Springboard has recently hired additional foreclosure prevention counselors, customer care representatives, and managerial staff as well as leasing additional office space to meet the continued demand in providing free foreclosure prevention and financial counseling to homeowners.

Springboard is certified by the U.S. Department of Housing and Urban Development (HUD) as a comprehensive housing counseling agency. The agency assists distressed homeowners through personal financial counseling and helps consumers work with their lenders to find options and possible solutions to mortgage problems. Additionally, Springboard housing counselors have met one-on-one with homeowners in a series of community workshops focused on preventing foreclosures. The most recent workshop took place at the University of California Riverside campus on February 23, 2008. The Riverside workshop was led by representatives from Governor Arnold Schwarzenegger's office and HOPE NOW, and was hosted by Senator Robert Dutton (R). HOPE NOW is a cooperative effort between counselors, investors, and lenders to maximize outreach efforts to homeowners in distress.

"We're very pleased to have received this funding, especially in light of the fact that Bank of America has already contributed $500,000 towards foreclosure prevention efforts in California," said Todd Emerson, president and chief executive officer of Springboard. "These funds will help our agency manage increased case work demands in our efforts of counseling homeowners about options and alternatives to foreclosure. We speak with homeowners every day who want to stay in their homes and remain in the communities where they work and their children go to school. Having consumers hear about the free counseling available to them lets them know where they can turn when there's a problem, and what resources are available to them."

Springboard offers confidential counseling and education, in English and Spanish, to consumers nationwide. For more information on their services visit their website at credit.org, or to speak with a counselor, call 800-WISE PLAN (800-947-3752).

About Springboard Nonprofit Consumer Credit Management
Springboard is a nonprofit credit education and financial counseling organization founded in 1974. Springboard is accredited by the Council on Accreditation, signifying high standards for agency governance, fiscal integrity, counselor certification and service delivery policies. The agency provides pre-bankruptcy counseling and debtor education as mandated by the Bankruptcy reform law. Springboard is a HUD approved housing counseling agency and a member of the National Foundation for Credit Counseling, a national organization of nonprofit credit counseling agencies. The agency headquartered in Riverside, has locations throughout Southern and Central California and offers face-to-face and nationwide phone counseling services. For more information on Springboard, call 1-800 WISE PLAN
(1-800-947-3752) ext. 750 or visit their web site at http://www.credit.org

Bank of America Corporate Philanthropy
Building on a long-standing tradition of investing in the communities it serves, Bank of America is in its fourth year of achieving an unprecedented 10-year goal to donate $1.5 billion to nonprofit organizations engaged in improving the health and vitality of their neighborhoods. Funded by Bank of America, the Bank of America Charitable Foundation will give more than $225 million in 2008, making the bank the most generous financial institution in the world and the second largest donor of all U.S. corporations in cash contributions. Bank of America approaches giving through a national strategy called "neighborhood excellence" under which it works with local leaders to identify and meet the most pressing needs of individual communities. Through Team Bank of America, bank associate volunteers contributed more than 650,000 hours in 2007 to enhance the quality of life in their communities nationwide. For more information about Bank of America Corporate Philanthropy, please visit http://www.bankofamerica.com/foundation.

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