The Secretary of Housing and Urban
Development (HUD) and the state attorney general who handled much of the negotiation
leading to last spring's $25 billion settlement with mortgage servicers rolled
out its first high visibility outcome on Thursday. Secretary Shaun Donovan and Iowa AG Tom
Miller previewed a new public service advertising (PSA) campaign aimed at
informing delinquent and underwater homeowners about help that may be available
from the cash settlement.
The campaign has three components,
30 second television and radio spots, a new website, and a
Mortgage Assistance Guide. The ad, which
can be viewed through the site or below,
is short and unburdened with details. It
merely informs homeowners of the possibility of assistance and directs them to
resources made possible by the settlement.
The radio version of the ad is also available in Spanish.
"The National Mortgage Servicing
Settlement represents the single largest-scale principal reduction effort we've
seen since this housing crisis began and the PSAs and online tools announced
today will create an extended opportunity for homeowners, across the country,
to gain access to information, options and opportunities that could help
to keep them in their homes," said HUD Secretary Shaun Donovan. "Already the
servicing settlement is helping homeowners and making a difference, and our
goal is to ensure every eligible family is aware of the help it
"If we learned anything from
the housing crisis, it is that that there is no one solution," said Iowa
Attorney General Tom Miller. "We want homeowners to know the possibilities that
they have with this settlement. PSAs are already running in Iowa and we're
hopeful that information shared helps people in a substantial way."