2.3 Million Foreclosures Prevented in Past 14 Months by Mortgage Industry

MarketWatch (10/02/08)
According to HOPE NOW, the ongoing efforts of the organization and the mortgage industry have resulted in the prevention of approximately 2.3 million foreclosures over the past 14 months. In August alone, mortgage servicers finalized more than 189,000 mortgage workouts, which included both changes to existing mortgages and repayment plans. Some 53 percent of homeowners with subprime loans who were granted workouts by mortgage servicers obtained modifications. According to HOPE NOW executive director Faith Schwartz, "Without HOPE NOW, the current mortgage and financial crises would be more serious and harder to turn around. We will continue to work hard to help homeowners and stabilize communities."