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Raise the Roof Joins Private, Public and Nonprofit Leaders in Washington, D.C. for President’s Advisory Council on Financial Capability Convening on Financial Literacy

 

DELRAY BEACH, FLORIDA – November 30, 2010 – Raise the Roof (www.raisetheroof.org), a 501(c)(3) nonprofit that provides homeowners who have defaulted second mortgages the opportunity to have their second mortgage debt forgiven in exchange for performing community service, today joined private, public and nonprofit sector leaders at the U.S. Treasury Department for the inaugural convening of the President’s Advisory Council on Financial Capability.

Participants discussed developing a national strategy to advance financial literacy so that all Americans can access the financial skills they need and to effectively facilitate collaboration among the private, public and nonprofit sectors to achieve this goal. Speakers included Valerie B. Jarrett, Senior Advisor and Assistant to the President for Intergovernmental Affairs and Public Engagement; John W. Rogers, Jr., Chairman, CEO, and Chief Investment Officer of Ariel Investments and Chair of the President’s Advisory Council on Financial Capability; Michael S. Barr, Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury; and Barbara Smith of the Financial Literacy and Education Commission (FLEC), who discussed strategies such as providing financial services to the unbanked and underbanked and delivering financial literacy education specifically tailored for young people.  

The President’s Advisory Council on Financial Capability was created to assist the American people in understanding financial matters and making informed financial decisions, and thereby contribute to financial stability. Composed of non-governmental representatives from the financial services, consumer protection, financial access, and education arenas, the Council proposes ways to coordinate and maximize the effectiveness of existing private and public sector efforts and identify new approaches to increase financial capability through financial education and financial access.

“Financial literacy is a fundamental component of addressing America’s mortgage crisis and preventing another one, and Raise the Roof is honored to participate in this leadership convening to improve financial literacy among all Americans,” said Raise the Roof Executive Director Richard French.

French serves as Chief Operating Officer and Executive Director of Raise the Roof, where he is responsible for the organization’s day-to-day operations. Prior to joining Raise the Roof, he enjoyed a successful career as a residential mortgage banker and held several volunteer leadership positions in the mortgage industry, including Past President of the Mortgage Bankers Association (MBA) of Broward County, Board member of the MBA of Florida and past member of the MBA's Loan Production Committee.

As the U.S. continues to grapple with the mortgage crisis, Raise the Roof is innovating a new approach to helping homeowners, lenders and communities alike. By uniquely forgiving the principal on second mortgage loans for homeowners who perform a specified number of volunteer service hours, Raise the Roof enables homeowners to become free of their defaulted mortgages, banks to become free of their defaulted liens and the greater community to benefit from increased volunteerism and new community service projects.

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About Raise the Roof (www.raisetheroof.org)

Raise the Roof™ is a 501(c)(3) nonprofit that is pioneering an innovative solution to America's mortgage crisis: providing homeowners with defaulted second mortgages the opportunity to have their second mortgage debt forgiven in exchange for community service. By creating an opportunity for American homeowners to satisfy their second mortgage debt through volunteer service, Raise the Roof is helping families begin to reestablish their financial footing in a way that also benefits their communities. Through Raise the Roof's unique model, homeowners benefit from becoming free of their defaulted mortgages, banks benefit from becoming free of their defaulted liens and the greater community benefits from increased volunteerism and new community service projects.

Contact:
Deborah Schneider
PR & Company
dschneider@prandcompany.com
415.277.6973