8 million foreclosure prevention actions taken since 2007

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For all the talk of banks’ indifference to distressed homeowners, the latest data released by Hope Now suggests that financial institutions have still helped keep a mammoth number of people in their homes.

Combined efforts between the private and public sectors have produced 8 million nonforeclosure solutions for distressed borrowers since 2007, the voluntary alliance of mortgage servicers, investors, mortgage insurers and nonprofit housing counselors reported.

Those foreclosure solutions include 6.7 million permanent loan modifications, Hope Now said.

Source: Hope Now via DSNews.com