Skip to main content

Genworth saves nearly $3.4 billion in mortgages from foreclosure

NationalMortgageProfessional.com
May 26, 2010

Genworth Financial, a mortgage insurer, saved nearly $3.4 billion in mortgages from foreclosure in the 12 months ending March 31, 2010, according to the company’s latest Foreclosure Prevention Scorecard. Mortgage dollars saved were up more than 81 percent from the same period last year. During the period, Genworth worked with its lender partners and servicers to complete more than 23,000 mortgage workouts nationwide through its Homeowner Assistance Program. The leading states for workouts, in order, included California ($347 million), Florida ($342 million), Arizona ($175 million), Texas ($173 million), Illinois ($167 million), Georgia ($164 million), New York ($152 million), New Jersey ($144 million), North Carolina ($122 million), Maryland ($107 million). “Genworth is totally committed to helping distressed borrowers avoid foreclosure and protect their credit. For the borrowers we able to help our homeowner assistance efforts are a lifeline to get their lives back on track,” said Alan Goldberg, vice president of Homeowner Assistance for Genworth’s U.S. mortgage insurance business. “We are especially happy with the growing success of the Obama Administration’s Home Affordable Modification Program (HAMP). We saw HAMP workouts increase 74 percent increase in the first quarter of 2010 over the previous quarter, amounting to more than $750 million in mortgage dollars saved.” Nationally, eight out of 10 workouts were “cures”, meaning the borrower was able to save their home and become current on their mortgage, with nearly $145,000 saved per borrower. Genworth’s cure rate remains above 80 percent in 35 of 50 states nationwide. Loan modifications (33 percent), were the leading workout type, followed by the HAMP program (24 percent), repayment plans (19 percent), short sales (18 percent), and Genworth's Homesaver Advance program (four percent). Among the top 10 states, California and Arizona saw triple digit increases in workouts. Phoenix was the leading city for mortgage dollars saved ($51 million), followed by Chicago ($40 million), Miami ($31 million), Houston ($22 million) and Charlotte ($19 million). The full report is available at www.genworth.com/scorecard. For more information, visit www.Genworth.com.
Published
May 26, 2010
Fannie Mae Extends Multifamily Protections Indefinitely

Fannie Mae announced that its multifamily COVID-19 forbearance program has been extended indefinitely to support multifamily property owners and renters experiencing financial difficulties due to COVID-19.

Industry News
Sep 27, 2021
LoanDepot Lawsuit Alleges Wide-Scale Fraud

‘One of the most egregious wide-scale fraud for profit schemes since the years leading up to the Great Recession,' a recent lawsuit claims.

Industry News
Sep 27, 2021
Federal Regulators Race To Address Cryptocurrency Risks

Cryptocurrency is quickly morphing into a volatile but widely embraced innovation, and federal regulators are racing to address the potential risks to consumers and the market. 

Industry News
Sep 24, 2021
MBA Initiative Seeks To Close Racial Homeownership Gap

Says its advocacy, partnerships & connections will help increase opportunities for minority borrowers

Industry News
Sep 24, 2021
Guaranteed Rate Opens New Branch In Southwestern Michigan

Guaranteed Rate expanded its presence in Southwester Michigan, after opening a new branch in St. Joseph

Industry News
Sep 22, 2021
Chinese Property Giant Evergrande Falters, Threatening U.S. Investors

On Monday, investors across three continents dumped their stocks, mainly out of fear that the world’s two largest governments — the United States and China — would undercut the beginnings of a global economic recovery. 

Industry News
Sep 22, 2021