WASHINGTON — HOPE NOW last week announced that it has come to an agreement on a statement of principles to ensure quality service and assistance for mortgage borrowers.

"All lenders in the alliance have committed to reaching out to every borrower facing a reset before the reset occurs to determine if they will have difficulty paying," HOPE NOW Project Manager Faith Schwartz said. "The Principles will also allow us to expedite cases with consumer counselors quickly."

HOPE NOW is an alliance of some of the nation's largest mortgage market participants, counselors and mortgage servicers–encouraged by the Treasury Department–to create a unified, coordinated plan to reach and help as many homeowners as possible.

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