Institute For Foreclosure Legal Assistance (IFLA) Formed To Aid Families Facing Foreclosure

From a Joint Press Release from the Center for Responsible Lending and the National Association of Consumer Advocates:

• As the nation's foreclosure epidemic continues to worsen, the Center for Responsible Lending (CRL) has formed the Institute for Foreclosure Legal Assistance (IFLA) to support groups giving legal representation to families facing foreclosure and financial ruin because of abusive subprime mortgages. The National Association of Consumer Advocates (NACA) will manage the project, which recognizes that one of the biggest barriers families face to avoid losing their homes is the lack of access to quality legal services. The Institute, launched with a $15 million grant from investment management firm Paulson & Co. Inc., will provide funding and training to organizations that help homeowners negotiate alternatives to foreclosure.

• The majority of the funds will be grants to support direct legal assistance to borrowers in 10 or more states to fight foreclosure, predatory lenders and abusive loan servicers. It will do this primarily by providing money to top non-profit legal-aid groups and law school clinics.

For more, see Press Release - Helping Americans Keep Their Homes: Center for Responsible Lending Establishes New Institute to Help Homeowners Threatened by Subprime Lending Crisis (Institute to Provide Legal Assistance to Families Facing Surge in Foreclosures).