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.
