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NAMB praises Senate movement on national registry

National Mortgage Professional
Apr 10, 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 10, 2008
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