Approximately 545,000 subprime mortgage holders were helped in the second half of 2007, according to the most recent study by HOPE NOW – compared to 370,000 reported in the preliminary study last month.
Fourteen HOPE NOW servicers responsible for more than 33.3 million home loans, or about 62% of both prime and subprime loans outstanding nationwide, as of September 2007, provided the data.
In addition, the revised data for the second half of 2007 now reveal that 324,000 prime borrowers were helped, totaling 869,000 prime and subprime homeowners helped in the second half of 2007. These numbers include 652,000 repayment plans initiated and 217,000 loan modifications, HOPE NOW says.
The revised and updated data also indicated that 68% of delinquent subprime borrowers were helped during the second half of 2007, compared to the originally reported 39%.
The full report is available at www.fsround.org/media/pdfs/NationaldataFeb.pdf