For Immediate Release
Press Only Contact: Aleis Stokes, 202.557.2741
HOPE NOW Mortgage Servicers Provided Nearly 503,000 Loan Workouts
For Homeowners In First Quarter of 2008
Nearly 1.4 million Loan Workouts Since July 2007
Washington, D.C. – April 28, 2008 – Almost 503,000 homeowners were able to
stay in their homes during the first quarter of 2008 because of loan workouts
provided by mortgage servicers according to a report released today by HOPE
The report estimates that on an industry-wide basis:
• Servicers provided loan workouts for about 1,376,000 homeowners since
• Of the 502,500 prime and subprime loan workouts that servicers provided
to homeowners during the first quarter of 2008, approximately 323,000
were repayment plans and 179,500 were loan modifications.
• During the first quarter of 2008 loan modifications represented 44% of all
subprime loan workouts, which is double the 2007 rate.
• In March loan modifications were 49% of all subprime workouts.
“Mortgage servicers continue to focus on doing everything possible to help
troubled homeowners avoid foreclosure,” said Faith Schwartz, executive director
of HOPE NOW. “HOPE NOW is providing a way for homeowners to find real
solutions so that they can stay in their homes. While there is still more work to be
done, concrete progress is being made and HOPE NOW members will continue
their efforts and work to help as many borrowers as possible.”
Please click here (http://www.hopenow.com/MarSummarytable.pdf) for the
Hybrid ARM Resets
Results, representing 61% of the market, on subprime ARM workouts and
foreclosures for loans resetting in the first quarter of 2008 are as follows:
• There were 431,171 subprime 2/28 and 3/27 loans that were scheduled to
reset during the first quarter of 2008.
• Of the loans that were current at reset, only 553 have entered the
• 14,418 of these loans have been modified and nearly 64% were modified