NAMB praises Senate movement on national registry – NMP Skip to main content

NAMB praises Senate movement on national registry

National Mortgage Professional
Apr 09, 2008

HOPE NOW: 545,000 sub-prime mortgage holders help in second half of 2007MortgagePress.comprime borrowers, delinquent sub-prime borrowers , foreclosure activity Approximately 545,000 sub-prime mortgage holders were helped in the second half of 2007, according to the most recent study by HOPE NOW, compared to 370,000 reported in the preliminary study last month. "HOPE NOW servicers are working hard to help more and more homeowners who are [having] difficulty, but we know there is much more to be done," said Faith Schwartz, executive director of HOPE NOW. "We will continue to find better and more innovative ways to get at-risk homeowners the help they need." The data was provided by 14 HOPE NOW servicers who are responsible for more than 33.3 million home loans, or about 62 percent of both prime and sub-prime loans outstanding nationwide, as of September 2007. The revised data for the second half of 2007 now reveals that 324,000 prime borrowers were helped, totaling 869,000 prime and sub-prime homeowners helped in the second half of 2007. This includes 652,000 repayment plans initiated and 217,000 loan modifications. The new totals are based on revised data and more complete participation through alliance members. The revised and updated data also indicated that 68 percent of delinquent sub-prime borrowers were helped during the second half of 2007, compared to the originally-reported 39 percent. In addition, the study also provides information on foreclosure activity and trends. Although it has been widely reported that foreclosures have increased rapidly, it is important to note that the study found that only one-third of foreclosures initiated actually result in a foreclosure. The current study also covers state-specific quarterly data for prime and sub-prime loans for 2007 serviced by HOPE NOW companies. For more information, visit www.hopenow.com.
Published
Apr 09, 2008
Mortgage Industry Will Soon Be ARMed To The Teeth

ARM loans might be a saving grace to borrowers who recently purchased a home, but it comes with risks.

Industry News
May 20, 2022
Battle Between Loan Originators Gets Sparkly and Dirty

Flowers is suing both Durosko and Peevey for these pranks, demanding compensation for their harmful acts, but that doesn’t tell the whole story. 

Industry News
May 18, 2022
FirstClose Receives $35M Investment From Lateral

Fintech says it will use the investment to expand its growing financial services footprint.

Industry News
May 18, 2022
Mortgage News Network Launches Podcast On Helping Underserved Borrowers

'Gated Communities' looks at why homeownership gap is increasing, and what lenders are doing to reverse the trend.

Industry News
May 17, 2022
Class Valuation Appoints EVP Of Valuation Modernization

Cristy Conolly will focus on removing bias from the equation in appraisals.

Industry News
May 17, 2022
Open Mortgage Appoints New Chief Financial Officer

Anthony Nolte, Open Mortgage's CFO since 2019, will transition to chief legal officer.

Industry News
May 17, 2022