ICBA Offers Tips to Help Consumers Guard
Against Loan Scams

Washington, D.C. (August 1, 2011)—Even though it has been years since the height of the subprime mortgage crisis, many Americans continue to receive fraudulent offers of foreclosure and refinancing assistance, both in the mail and online. The Independent Community Bankers of America (ICBA) and the nation’s more than 7,000 community banks want consumers to know how to protect themselves from these financially detrimental loan scams.

“Too many Americans are still being targeted by scams that promise to help them avoid foreclosure or refinance their mortgage to a lower rate,” said Sal Marranca, ICBA chairman and president and CEO of Cattaraugus County Bank in Little Valley, N.Y. “The best protection is good information.  Community bankers want to be sure that consumers know the warning signs that they may be dealing with a scam artist and how to protect themselves so that they don’t wind up in an even worse financial situation.”

First, if you are having financial troubles, you should contact your mortgage lender immediately. By taking the direct approach, you will be less likely to be taken in by those pitches offered by way of unsolicited phone calls, e-mails or letters that appeal to your worst fears.
Consumers should be wary of any company that does the following:

• Guarantees to stop the foreclosure process—no matter what your circumstances.
• Instructs you to not contact your lender, lawyer or credit or housing counselor.
• Collects a fee before providing you with any services.
• Accepts payment only by cashier’s check or wire transfer.
• Encourages you to lease your home so you can buy it back over time.
• Tells you to make your mortgage payments directly to them, rather than your lender.
• Tells you to transfer your property deed or title to them.
• Offers to buy your house for cash at a fixed price that is not set by the housing market at the time of sale.
• Offers to fill out paperwork for you.
• Pressures you to sign paperwork you haven’t had a chance to read thoroughly or that you don’t understand.

If you think you have been the victim of a loan scam, you should contact your state attorney general’s office to file a complaint and learn the next steps to repair any damage incurred as a result of the scam. For additional tips, you can also check the following resources:

• Housing and Urban Development
• Making Home Affordable Program
• Federal Deposit Insurance Corporation
• Federal Reserve
• Federal Trade Commission
• Office of the Comptroller of the Currency

“Community banks are here to help our customers with legitimate programs and loan options that are tailored to each individual’s situation,” Marranca said. “We never take a cookie-cutter approach.  That’s the last thing people need when they’re facing financial difficulties.”

SSBBank PROMOTES FIVE AT ANNUAL MEETING

Ronald L. Soule, President of SSBBank, is pleased to announce that the Board of Directors has promoted J. Benjamin Dancer to Chairman & CEO, Trisha Klingbeil to Vice President & CBO, Kristi L. Brewster to Assistant Vice President & CIO, Lisa R. Schneider to Assistant Vice President & Administrative Loan Officer and PiaJoe Bennett to Loan Officer.

J. Benjamin Dancer is a 1979 graduate of Stockbridge High School and received his Business Administration degree, majoring in economics and business management, from Northwood Institute in 1983. He joined SSBBank in 1983 and has served as Teller, Bookkeeper, Loan Support Clerk, Security Officer, Assistant Vice President, Branch Manager/Vice President, Executive Vice President and Compliance Officer. Ben has attended the Robert Perry School of Banking, the Graduate School of Banking at the University of Wisconsin and the Michigan Bankers Association Commercial Lending School. He was elected to SSBBank's Board of Directors in 1985 and succeeded his father as the Chairman in April 2000. Ben has served as Treasurer for the Eaton Rapids Arts Council, Chairman of Eaton Rapids Community Hospital, and President of Eaton Rapids Rotary Club. As Chairman & Chief Executive Officer, he will be responsible for major oversight of all phases of the operation of the bank, facilitating the bank's strategic planning process, managing the bank's investment portfolio and maintaining communications between management and the Board of Directors. Ben lives in Eaton Rapids with his wife Jeannie. They have two children, Brooke and Taylor, and three grandchildren.

Trisha Klingbeil has been employed with SSBBank for the past 32 years. She is a graduate of Stockbridge High School and is a life-long resident of the area. Trisha has worked in various capacities including Teller, Customer Service, Retail Banking Officer, Branch Manager of the Gregory Office and Assistant Vice President & CBO. As Vice President & Chief Branch Officer, Trisha is responsible for administration of the deposit operations of SSBBank at all four of the bank's locations. She also serves as a Loan Officer, BSA Officer and Security Officer. Trisha has been a member of the Stockbridge Lions Club and has volunteered for the White Cane Drive for the last eight years. She has also volunteered during Stockbridge's annual festival, "A Day In The Village". She is married to Bruce Klingbeil and has three grown children, Keith, Staci and Courtney, and five grandchildren.

Kristi L. Brewster started her banking career in 1998 and joined SSBBank in 1999. She has lived in the Stockbridge area for the past 19 years and is a graduate of Stockbridge High School. Kristi has held several positions with SSBBank such as Customer Service Representative, Branch Manager of the Holt/South Lansing Office, and Deposit Operations Administrator and Branch Administrative Officer. As Assistant Vice President & Chief Information Officer, Kristi is responsible for all Information Technology, Networking and Data Processing functions in the bank. She also serves as the bank's Information Security Officer and Compliance Officer for non-lending operations. Kristi is a member of the Board of Directors of the Stockbridge Area Chamber of Commerce and currently holds a position on the Board as Treasurer. She is also a volunteer on the organizing committee for "A Day In The Village". Kristi lives in Munith with her husband, George Brewster and two sons, George and Evan.

Lisa R. Schneider has resided in Stockbridge all of her life. She graduated from Stockbridge High School in 1990 and attended Western Michigan University and Lansing Community College. Lisa then received her B.B.A. from Davenport College in 1995. She started her banking career 20 years ago as a teller moving into other positions such as Administrative Assistant, Loan Clerk and Consumer Lender before becoming an officer of the bank in 2000. Lisa has more recently served as Administrative Loan Officer and Compliance Officer for lending operations. As Assistant Vice President and Administrative Loan Officer, Lisa manages the loan support area of the bank, assists customers with loan requests, serves as the primary mortgage lender and continues to be Compliance Officer for lending operations. She volunteers as Secretary for the Friends of the Library and as Treasurer for the 175th Stockbridge Anniversary Celebration Committee. Lisa is a member of St. John's Lutheran Church in Fowlerville. She is married to Jerry Schneider and has two sons and one daughter.

PiaJoe Bennett began her banking career in 2000 and began working with SSBBank in 2004 as a Loan Clerk. She is a graduate of Chelsea High School and attended Washtenaw Community College. Since joining the SSBBank team, Pia has been promoted to Mortgage Loan Clerk, Loan Support Specialist and Consumer Lender. As Loan Officer, Pia will assist with customer's loan requests and support the day-to-day operations of the loan department in the Stockbridge Office. She volunteers for the annual Stockbridge Area Educational Foundation's "Festival of Tables" and the Stockbridge Area Chamber of Commerce's "A Day In The Village" festival. Pia resides in Stockbridge with her husband, Chad Bennett and one daughter.

Soule said that, "We are very happy to be able to promote from within our professional staff and we are proud to promote these five members of our team. They exhibit the qualities we are looking for in management: hard work, energy, enthusiasm, and a commitment to excellent customer service."

SSBBank is a locally owned and operated community bank established in 1908 with offices in Stockbridge, Gregory, Eaton Rapids, and Holt/South Lansing.

SSBBank ELECTS SCHROEDER TO BOARD AT ANNUAL MEETING

J. Benjamin Dancer, Chairman & CEO of SSBBank is pleased to announce the election of Thomas W. Schroeder to the SSBBank Board of Directors.

Tom Schroeder is a graduate of Michigan State University with a degree in Business Administration. He has been in banking for over thirty years and has attended the National Commercial Lending School and Western States Banking School. Schroeder is currently Senior Vice President -- Commercial Lending at SSBBank. He serves as Campaign Chairman and is a member of the Board of Advisors for the Stockbridge Area Community Fund. He is a member of the Lansing Downtown Rotary Club. He presides as Senior Elder at Spirit of Christ Church and has been a Rotarian for seventeen years. He served on the Board of Directors of the Chamber of Commerce. Schroeder currently serves as a Board Member for Free International Missions. Schroeder has had his pilot's license for 12 years and also enjoys cycling. Schroeder has two adult children, Tom Jr. and Anna and lives in Laingsburg with his wife, Denise.

Dancer said that, "We are very happy to have a person of Schroeder's caliber on the Board."

SSBBank is a locally owned and operated community bank established in 1908 with offices in Stockbridge, Gregory, Eaton Rapids, and Holt/South Lansing.

SSBBank and ICBA Encourage Americans to Save During America Saves Week February 20-27

Washington, D.C. (February 20, 2011)--The Independent Community Bankers of America (ICBA) and SSBBank are proud to add their voices to the nearly 1,000 organizations nationwide that are encouraging Americans to save as part of America Saves Week, Feb. 20-27.

"Saving is key to financial stability and independence," said Jim MacPhee, ICBA chairman. "Studies show most Americans have too much debt and not enough savings. The recent economic crisis demonstrated just how important it is to have a cushion to help you weather the unexpected. Now more than ever, people need to develop good saving habits. By participating in America Saves Week, ICBA and our nearly 5,000 member community banks are helping raise awareness of how important it is for community bank customers to make saving a part of their everyday lives."

ICBA and SSBBank offer the following simple tips to help you boost your savings:

• Pay yourself first. Join a retirement plan at work that automatically deducts money from your paycheck. You can also have money automatically withdrawn from your checking account into your savings or an investment vehicle. Many employers offer automatic payroll deduction, one of the best ways to start and keep saving.

• Create a spending plan. Unlike a strict budget, a spending plan is a guide to help you take better control of your finances by tracking where your money goes. In a spending plan, you list expenses, compare them to income and then make changes based on your priorities.

• Start small. Save your loose change. Setting aside a small amount every day for one year can garner you an emergency fund of up to $500.

• Long range, aim to have an emergency savings of six to nine months of living expenses.

• Use your credit cards wisely so that you don't take on too much debt and minimize interest charges.

It is also important to consider these factors in choosing where to place your savings:

• Access. How quickly can you access your money? Community banks are local and use up-to-the-minute technology so that customers can access their money when and where they need it.

• Safety. How safe is your money? At community banks, the FDIC insures deposits up to $250,000 per depositor and $250,000 for certain retirement accounts. No one has ever lost a penny of FDIC-insured funds. Talk to your community banker for more information.

• Earnings. How much money will you earn? Community banks offer personalized customer service tailored to individual needs and savings products and services at rates that are comparable to or often better than larger institutions.

"Fortunately, it's never too late to start saving," Ronald L. Soule, President & CEO said. "We here at SSBBank can help you create a savings plan to help you reach your financial goals."

America Saves Week is a nationwide campaign in which a broad coalition of nonprofit, corporate and government organizations help individuals and families save and build wealth. Through information, advice and encouragement, America Saves Week assists those who wish to pay down debt, build an emergency fund or save for a home, education or retirement. Learn more about why saving is so important and how to get started on building a nest egg at www.icba.org and www.americasavesweek.org

You Have the Power to Stop Identity Theft

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A message from the federal bank, credit union and thrift regulatory agencies

• Board of Governors of the Federal Reserve System

• Federal Deposit Insurance Corporation

• National Credit Union Administration

• Office of the Comptroller of the Currency

• Office of Thrift Supervision

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You Can Fight Identity Theft

Stop identity theft
There is a type of identity theft using the Internet called “phishing.”  Pronounced “fishing,” that’s exactly what thieves are doing, fishing for your personal financial information.  They want your account numbers, passwords, Social Security numbers, and other confidential information so they can use your financial accounts or run up bills on your credit cards.

In the worst case, you could find yourself a victim of identity theft.  With the sensitive information obtained from a successful phishing scam, these thieves can take out loans or obtain credit cards and even a driver’s license in your name.  They can do damage to your financial history and personal reputation that can take years to unravel.  But if you understand how phishing works and how to protect yourself, you can help stop this crime.

How phishing works
Typically, you’ll receive an e-mail that appears to come from a reputable company that you recognize and may do business with, such as your financial institution.  In some cases, the e-mail may appear to come from a government agency, perhaps a federal financial institution regulatory agency.

The e-mail will probably warn you of a serious problem that requires your immediate attention.  It may use phrases such as “Immediate attention required,” or “Please contact us immediately about your account.”  The e-mail may also state that unless you provide certain confidential information your account will be deactivated or closed.  The e-mail will encourage you to click a link to go to the institution’s Website.

In a phishing scam, you could be redirected to a phony Website that may look exactly like the real thing.  Sometimes, in fact, it may be the company’s actual Website.  In those cases, a pop-up window will quickly appear for the purpose of collecting your financial information.

You may be asked to update your account information or to provide information for verification purposes:  your Social Security number, your account number, your password, or the information you use to verify your identity when speaking to your financial institution, such as your mother’s maiden name or your place of birth.

If you provide the requested information, you may find yourself a victim of identity theft.

How to protect yourself

• Never provide your personal information in response to an unsolicited request, whether it is over the phone or on the Internet.  E-mails and Internet pages created by phishers may look exactly like the real thing.  They may even have a fake padlock icon that ordinarily is used to denote a secure site.  If you did not initiate the communication, do not provide any information.

• If you are unsure whether a contact is legitimate, contact the financial institution.  You can find phone numbers and Websites on the monthly statements you receive from your financial institution, or you can look up the company in a phone book or on the Internet.  The key is that you should be the one to initiate the contact, using information that you have verified yourself.

• Never provide your account information and/or password over the phone or in response to an unsolicited Internet request.  A financial institution would never ask you to verify your account information or confirm a password online.  Thieves armed with this information and your account number can help themselves to your money.

• Review account statements regularly to ensure all charges are correct.  If your account statement is late in arriving or does not arrive, call your financial institution to find out why.  If your financial institution offers electronic account access, check your account activity online regularly to catch suspicious activity.

What to do if you fall victim

• Contact your financial institution immediately and alert it to the situation.

• Close accounts you think have been tampered with or opened fraudulently.  Call the security or fraud department of each associated company or financial institution.  Follow-up in writing and supply copies of supporting documents.

• It is important to notify credit card companies and financial institutions in writing.  Send your letters by certified mail, return receipt requested, so you can document when and what the company received.  Keep copies of your correspondence and enclosures.

• Report all suspicious contacts to the Federal Trade Commission through the Internet at http://www.ftc.gov/bcp/edu/microsites/idtheft/, or by calling
  1-877-IDTHEFT (1-877-438-4338).

•  Check with your state Attorney General’s office to find out if state law requires the police to take reports for identity theft.  Check the Blue Pages of your telephone directory for the phone number, or check www.naag.org for a list of state Attorneys General.

If possible, file a report with local police or police in the community where the identity theft took place.  Obtain a copy of the police report or the report number.  It can help you deal with creditors who need proof of the crime.  If the police are reluctant to take your report, ask to file a “Miscellaneous Incidents” report.

If you disclose sensitive information in a phishing attack, contact one of the three major credit bureaus listed below and discuss whether to place a fraud alert on your file.  A fraud alert will help prevent thieves from opening a new account in your name.

You can fight identity theft

Here’s how:

• Never provide personal financial information, including your Social Security number, account numbers or passwords over the phone or the Internet, if you did not initiate the contact.

• Never click on the link provided in an e-mail you think is fraudulent.  In addition to stealing your personal information, the link may contain a virus that can contaminate your computer.

• Do not be intimidated by an e-mail or caller who suggests dire consequences if you do not immediately provide or verify financial information.

• If you are unsure whether a contact is legitimate, go to the company’s Website by typing in the site address or using a page you have previously book marked, instead of using a link provided by the e-mail.

• If you fall victim to identity theft, act immediately to protect yourself.  Alert your financial institution.  Place fraud alerts on your credit files.  Monitor your credit files and account statements closely.

• Report suspicious e-mail or calls to the Federal Trade Commission through the Internet at http://www.ftc.gov/bcp/edu/microsites/idtheft/, or by calling
  1-877-IDTHEFT (1-877-438-4338).

To learn more about keeping your money safe, visit the
http://www.mymoney.gov/scams.shtml Website.

How To Avoid Financial Stress

There is an old saying that an ounce of prevention is worth a pound of cure.  This is not only true for our physical health but also for our financial health.  The best way to prevent trouble financially is to put money aside in savings, don’t spend more than you make (budgeting), and avoid excessive debt.

SAVINGS.  Many experts agree that we should have from two to six months of our monthly earnings in savings.  This can also be called an “emergency fund” and as such should be available to cover such things as loss of job, unexpected home or car repairs, medical problems, etc.  Obviously, the more we have in an emergency fund, the more we can avoid a financial disaster if one or more of these emergencies happens to us.  Savings is also for non emergencies such as children’s college funds, purchase of a car, down payment for a house, retirement, etc.  Savings here is a generic term for putting aside money that earns income or “grows” and is relatively safe.  This may include certain types of investments, Time CD’s, and retirement funds such as IRA’s and/or 401k’s available where we work.  One of the most important things to remember in saving for college, retirement, etc. is to start as soon as possible due to the tremendous advantage of interest and dividends compounding over time.

BUDGETING.  A budget is a way for an individual or family to allocate their weekly or monthly income in such a way as to adequately cover all their expenses.  Provision should be made for all debt payments, savings, household and personal expenditures.  It should also allow for irregular expenditures such as insurance premiums, clothing purchases, car and home maintenance, birthday gifts, etc.  Budgeting can be as easy as writing everything down on a pad of paper to using sophisticated computer programs or spreadsheets.  If you have never made out a budget, you might seek advice from your local pastor, banker, or financial counselor.  The key here is to make it out and keep tweaking it until it works.

AVOIDING EXCESSIVE DEBT.  Avoiding excessive debt is not as easy today as it was back 40 years ago when credit cards were not so popular.  Unfortunately for many of us, credit cards have replaced our savings for emergencies and when something unexpected comes up we “charge it”.  If too many things come up, we get another credit card (and then another and so on).  Credit cards can be a useful tool for a family if used properly with discipline.  Many experts agree that if you have a credit card you should pay it off in full each month when the statement comes.  This will avoid interest and finance charges.  Credit card interest rates are almost always higher than that of other types of borrowing. 

Today, we are also bombarded with offers to purchase things we might not otherwise be able to afford because the item for sale is offered with “low monthly payments” which make the true (or total) cost of the item harder to grasp.  Always find out the terms (interest rate, term of the contract, total finance charges, total of the payments, late charges, etc.) before being tempted to buy the item based on a seemingly low monthly payment.

GUIDELINES FOR BUYING OR FINANCING A HOME.  When buying or financing a home, there are a few rules of thumb to remember:

Renting Versus Buying?   There are actually advantages to both.  Renters usually have lower expenditures than homeowners (some experts say that rental expense can be as much as 35% lower than buying a home).  Renters do not usually directly pay insurance on the real estate (just their own contents).  Renters do not usually pay for repairs or maintenance on the property and generally have a much shorter legal commitment (i.e., a 2 year lease versus a 15 to 30 year mortgage).  Buyers do have the advantage of income tax deductions for interest and property taxes.  Buyers also may benefit from appreciation and generally will build equity over time.

How Much Should Our House Cost?   An old rule of thumb for this is 2.5 times your annual gross income.  Accordingly, if your household income is $60,000 a year, you should be able to afford a home that costs $150,000.    

How Much Down Payment Should We Have?   A down payment accomplishes several things.  First, it immediately gives you some equity in your new home.  Second, it provides a method for you to lower your payments and save interest over the life of the mortgage loan – the more down payment you have, the less money you will have to borrow and pay interest on.  My personal recommendation is to make a down payment of at least 20% of the cost of the home.  This also avoids the expense of purchasing PMI (private mortgage insurance).  Also remember, closing costs can run 2% or more of the cost of the house and will have to be paid at closing.

How Much Should Our Monthly House Payment Be?   The rule of thumb for monthly house payments is 25% to 28% of your monthly gross income (which includes PITI – principal, interest, taxes, and insurance).    

How Much Should Our Total Monthly Debt Payments Be?   For many lenders, the rule of thumb for this is that all of your combined monthly debt payments including your mortgage PITI should not exceed 33% to 36% of your monthly gross income.    

How Long Should We Finance Our Home For?   It is wise if you can afford a slightly higher payment to consider a shorter mortgage term.  Many people are surprised at the relatively small difference in payments between a 20 year mortgage and a 30 year mortgage.  On a 30 year mortgage, it takes 21½ years before the interest portion of your payment is smaller than the principal portion.  Call your local real estate agent or banker to get a comparison between a 15, 20, and 30 year mortgage.

WHAT SHOULD WE DO IF WE HAVE FINANCIAL PROBLEMS?  Some great advice is to contact your creditors and keep them informed of your situation.  Some financial problems are relatively short lived and others may be longer in duration.  If you contact your creditors, they may be able to assist you in developing a “work out” plan.  If you cannot make your entire loan payment, let them know how much you think you can afford.  Communication is extremely important as they will not be able to work with you if you do not let them know that you have a problem.  If you have a mortgage on your home, counseling may be available through HUD (U.S. Department of Housing and Urban Development).  To find a HUD-approved housing counselor near you, go to www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or call (800) 569-4287 or TTY (800) 877-8339.

Ronald L. Soule, President & CEO of SSBBank

The following was taken from the HUD’s website under www.hud.gov/foreclosure/foreclosuretips.cfm

Tips for Avoiding Foreclosure

If you are unable to make your mortgage payment:

1. Don't ignore the problem.  The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

2. Contact your lender as soon as you realize that you have a problem.  Lenders do not want your house. They have options to help borrowers through difficult financial times.  

3. Open and respond to all mail from your lender.  The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems.  Later mail may include important notice of pending legal action.  Your failure to open the mail will not be an excuse in foreclosure court.

4. Know your mortgage rights.  Find your loan documents and read them so you know what your lender may do if you can't make your payments.  Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.  

5. Understand foreclosure prevention options.  Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at portal.hud.gov/portal/page?_pageid=33,717348&_dad=portal&_schema=PORTAL .

6. Contact a HUD-approved housing counselor.  The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide.  Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. To find a HUD-approved housing counselor near you, go to www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or call (800) 569-4287 or TTY (800) 877-8339.

7. Prioritize your spending.  After healthcare, keeping your house should be your first priority.  Review your finances and see where you can cut spending in order to make your mortgage payment.  Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.

8. Use your assets.  Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income?  Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.  

9. Avoid foreclosure prevention companies.  You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender.  While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.

10. Don't lose your house to foreclosure recovery scams!  If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home!  Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.

Options When Housing is No Longer Affordable

There are different options available to you when you no longer have enough income in the household to support the mortgage and all other bills. These options assist with preventing the foreclosure, but do not mean keeping the home.

Short Sale - The mortgage company allows the homeowner to sell the home for less than what is owed on it. This option can be utilized before the Sheriff’s Sale. Prior arrangements need to be made with the mortgage company before the official sale of the home.

Deed-in-Lieu - The mortgage company allows you to give back the deed to the home in exchange for forgiveness” of the debt. This must be done before the Sheriff’s Sale. The mortgage company may require you to have the home listed on the market for a period of time before considering this option.

Sale of Home - List the home for sale. This can be done before or after the Sheriff’s Sale. However, to prevent the foreclosure from going on your record, the sale must be complete before the Sheriff’s Sale date.

During this time, the best thing for you to do is to stay in contact with the mortgage company. This is important to prevent the foreclosure of your home, if at all possible. Unfortunately, it may not mean keeping your home, but will allow you to “spare” your credit, so that you may purchase a home in the future when your situation improves.

NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS

All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012 This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.

The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest It also includes Interest on Lawyers Trust Accounts ("IOLTAs") It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.

For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.