There are so many things now in the news that bring tears to my eyes, but for once this story makes me feel hopeful for the future and that humanity is not completely gone in today’s empire of greedom. With debates or sequestration and gun control continue to make no progress at all, I am glad to see a bank take some of the major problems facing everyday Americans under their wing. Even with corporation’s own self interests at an all time high and squeezing the American for every last penny, its nice to see a company harken back to the days of the great depression at time not so different from now. At least someone can make a decision and find a way to help others get back on their feet as well as be rewarded for their efforts handsomely. What am I talking about? Let me explain.
Most people see banks as income sucking entities that only care about their bottom lines. However the problem with this analysis is in order to have a good bottom line they have to care about their customers who bring in the money to the bank. Well with any business it is important to care about the customer since its the company’s reputation that will be destroyed in the end. There are a range of mortgage relief options from the well intended to the deceptive and illegal, but one bank is offering a way to transform the lives of the unemployed mortgage customers who can’t make their payments. Fifth Third Bancorp based int he Midwest is offering 16 weeks of job assistance free to its customers who miss two consecutive mortgage payments due to unemployment reports the Chicago Tribune. The job assistance is coming from NextJob a Bend, Oregon based employment firm who provides one on one coaching and job search software. Since the housing market burst in 2008, unemployment has soared causing many jobless homeowners to struggle and lenders to step in to help them. Fannie Mae and Freddie Mac began offering and extending temporary reprieves from mortgage payments, but for many that these solution are short term and many home counselors say long term solutions are needed. During the program’s trial last year, 11 of the 28 partcipants found work by the end of the six months nearly 40 percent. The Fifth Third group believes it is smart business since the job search only cost $1,500 per person compared to the $40,000 to $60,000 that banks lose when a home is foreclosed on and unemployment is the main problem causing people to default. NextJob has expanded its job finding capabilities beyond just finding help for employees laid off by employers. The company also has two 40 foot buses filled with computer stations that they park in undeserved communities to offer financial help. “Job loss, followed by the loss of one’s home, is severely damaging to individuals and families,” NextJob’s CEO John Courtney said while speaking about his new multiyear contract with Fifth Third Bank. “This program is a simple but big idea and it’s time has come for the banking industry.”