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Genworth Financial Saves $6.6B in U.S. Mortgages from Foreclosure

""Genworth Financial"":http://www.Genworth.com, a mortgage insurer based in Richmond, Virginia, saved $6.6 billion in U.S. mortgages from foreclosure last year, according to the company's latest Foreclosure Prevention Scorecard.

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Compared to 2009, when the company saved $2.6 billion, that's an increase of more than 153 percent.

""Our foreclosure prevention efforts continue to relieve the burden for borrowers faced with difficult financial decisions,"" said Alan Goldberg, VP of homeowner assistance for Genworth's U.S. mortgage insurance business.

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Goldberg continued, ""We doubled the number of workouts from 2009 to nearly 40,000 workouts at the conclusion of 2010. Eight out of 10 of these workouts were ‘cures,' meaning that the borrower became current on their mortgage payments and saved their home. For these homeowners, this meant preserving their homes, protecting their credit, and keeping the keys to their most valued investment.""

Genworth worked with its lender partners and servicers to assist nearly 40,000 borrowers nationwide. Workouts increased 100 percent from 2009 with more than $195,500 on average saved per borrower. The company also saw triple digit increases in workouts in seven of the 10 top states, and Genworth's cure rate is above 80 percent in 46 of 50 states nationwide.

The leading states for workouts included California ($777 million), Florida ($627 million), Illinois ($436 million), New York ($374 million), Georgia ($333 million), Arizona ($321 million), New Jersey ($301 million), Texas ($277 million), North Carolina ($220 million), and Maryland ($212 million).

The leading workout types were the Home Affordable Modification Program, or HAMP (37 percent), proprietary loan modifications (36 percent), repayment plans (12 percent), and short sales (7 percent).

About Author: Heather Cernoch

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