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January 01 2008

Operation HOPE Announces Support for the New FDIC Loan Modification Program For Distressed IndyMac FSB Mortgage Loans

LOS ANGELES, CA--- August 29, 2008 --- John Hope Bryant, Founder, Chairman and CEO, and Bill Walbrecher, President and COO of Operation HOPE (HOPE), jointly announced today that HOPE is in full support of the loss-mitigation plan announced recently by Federal Deposit Insurance Corporation (FDIC) Chairman Sheila C. Bair. John Hope Bryant, who also serves as Vice Chairman of the U.S. President's Advisory Council on Financial Literacy, said, "The loss-mitigation plan announced by FDIC Chairman Bair to provide mortgage loans at affordable yields for troubled IndyMac Federal Bank borrowers is a giant step in the right direction to help distressed borrowers avoid foreclosure and stay in their homes at interest rates and terms that are affordable."

The FDIC program provides systematic modification of delinquent loans. IndyMac FSB mortgage holders who are not aware of the program can go directly to the following link of the press release announcement for questions and answers. http://www.fdic.gov/news/news/press/2008/pr08067.html.

HOPE President Bill Walbrecher is a former Fortune 500 bank CEO who is committed to empowering low-wealth communities with "choice and silver rights opportunity." Bill Walbrecher said that, "The FDIC Loan Modification Program for IndyMac mortgage holders is a unique opportunity because it provides an interest rate below market for loan modifications and essentially protects the working class which is essential to maintaining the stability of our country."