HOPE NOW testifies on progress and helping homeowners avoid foreclosureMortgagePress.comHOPE NOW, testimony, Faith Schwartz, House Financial Services Subcommittee on Housing and Community Opportunity
Faith Schwartz, Executive Director of HOPE NOW, testified on
April 16 before the House Financial Services Subcommittee on
Housing and Community Opportunity, stressing HOPE NOWs success in
achieving real results and its continual efforts to reach out to
at-risk borrowers and provide solutions for homeowners so they may
She also reiterated results from last weeks HOPE NOW data
release which showed that servicers provided nearly 1.2 million
loan workouts since July 2007.
"HOPE NOW members are working tirelessly to develop new methods
and programs to assist at-risk homeowners," said Schwartz. "HOPE
NOW has a strategic three-pronged approach to helping troubled
homeowners avoid foreclosure which includes reaching out to the
borrower, counseling the borrower and partnering with them to help
find a realistic solution to avoid foreclosure."
In presenting the latest HOPE NOW data results to the
subcommittee, Schwartz also mentioned that of the nearly 1.2
million homeowners who received a workout, 48 percent of those were
for subprime loans, more than double the 2007 rate.
here for a full transcript of Schwartz's testimony.
For more information, visit www.HOPENOW.com.