Annual Report 2008
From the Chief Executive Officer and the Board President

Dear Friend:

Last year at this time, we cautioned that “we face a very challenging environment, stirred by the current ‘mortgage crisis.’”  The challenges we faced in 2008, however, exceeded all our expectations. While we anticipated that the subprime mortgage crisis would dramatically increase the demand for NHS’ foreclosure counseling in 2008, we did not foresee the extent of the credit crunch, the impact on the financial markets or the global reach of the current economic woes. All of this has combined to make 2008 our most difficult year, by far, since NHS was founded in 1982.  And these challenges will certainly continue through 2009.