MBA's Kempner: HOPE NOW Study Demonstrates Sheer Volume of Troubled Borrowers Being Helped by Servicers Across the Country
Mar 3, 2008
WASHINGTON, D.C. (March 3, 2008) - Jonathan L. Kempner, President and Chief Executive Officer of the Mortgage Bankers Association (MBA), issued the following statement in response to the study released today by HOPE NOW which found that since July 2007 approximately 1,035,000 homeowners have received loan workouts that have enabled them to stay in their homes.
The study also found that loan modifications made up nearly 50% of subprime loan workouts in January compared to 35% in the fourth quarter and 19% in the third quarter of 2007.
"The latest HOPE NOW numbers demonstrate the sheer volume of borrowers who are being helped by servicers across the country. It's imperative to remember that lenders have every incentive to work with borrowers to help them avoid foreclosure wherever and whenever possible. MBA continues to urge all borrowers to respond to their lenders' outreach efforts or to call the HOPE Hotline, provided by the Homeownership Preservation Foundation, at 888-995-HOPE.
Over the past few months the mortgage industry has drastically accelerated its efforts to reach out and help borrowers who are having trouble paying their mortgage or anticipate trouble with a coming rate reset. As a result, over one million homeowners received loan workouts and have been able to stay in their homes since July 2007. This is good news on all fronts and we encourage servicers and industry constituents to keep up the tremendous work as we find solutions to help troubled borrowers, who want to stay in their homes, remain homeowners."
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