Industry News

Loan servicers say more subprime borrowers getting help

Survey estimates 2007 foreclosure sales totaled 509,000
Published on Feb 7, 2008

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Loan servicers participating in the voluntary HOPE NOW coalition say they initiated repayment plans or modified the loan terms of two of every three delinquent subprime borrowers in the second half of 2007 -- almost twice the rate of success previously reported.

The new findings were based on revised data that included more complete participation of members of the HOPE NOW alliance, according to a press release announcing the release of the survey.