U.S. mortgage servicers helped 545,000 subprime borrowers stay in their homes in the second half of last year by modifying loans or setting up repayment plans, according to a revised industry survey.
Hope Now, a Washington, D.C.-based coalition of mortgage servicers, trade groups and credit counselors, said the report released Wednesday updates figures announced last month to include December data. The group said in January that servicers had helped 370,000 subprime borrowers in the same time period.
"The message is that as the year progressed, more and more borrowers were being helped either through repayment plans or modifications," Bill Longbrake, the Financial Services Roundtable's senior policy adviser and the report's author, said in a telephone interview.
Federal bank regulators in recent weeks have amplified calls for the mortgage industry to modify more loans to stem foreclosures and keep struggling borrowers from losing their homes in the subprime crisis and the worst housing slump in a quarter century.
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