Chambers Financial Group, a division of the Chambers Federation, was set up specifically to handle the economic crisis, 3 years before it happened. At the onset of the crisis, the Company was one of 3 nationwide that had any idea of what to do and the only one with capacity in place to handle the issues at hand. Within the first 6 months of inception, the Company had an revenue in excess of $500,000 and by the end of 2014 had managed over $2.5 billion in assets. The Company represented both federal and private banking institutions and helped shelter the industry through the financial crisis beginning in 2008 through to its temporary closure in 2015. Clients represented by Chambers Financial Group included; Freddie Mac, Fannie Mae, Citibank, Bank of America, Duestche Bank, HSBC, Flagstar Bank, Chase Manhattan Bank, Banco de Popular, Ocwen Loan Servicing, Huntington Bank, National City and many others.
While the default industry is not well known for its positive impact on the economy or the families and individuals involved during the economic crisis, several initiatives were created to mitigate the negative impact. Chambers Financial Group helped author and implement many of the programs instituted by its clients with the end goal of helping families to keep their homes and recover from the economic downturn that began in 2008. The company’s principle focus was on one of the hardest hit areas of the US, Detroit, which between 2006 and 2014, each month, on average, the company assisted over 100 families. Many of these homeowners were first time owners, with small children, many previously employed by the automotive industry which continued its decline in the area.
CFG is expected to reopen with a new mission in early 2018.