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Genworth Reports Nearly $4.8B in Mortgages Saved from Foreclosure

""Genworth Financial"":http://www.genworth.com, a mortgage insurer headquartered in Raleigh, North Carolina, saved almost $4.8 billion in mortgages from foreclosure in the 12 months ending June 30, 2010, according to the company's latest ""Foreclosure Prevention Scorecard"":http://www.genworth.com/scorecard.
[IMAGE] These statistics represent a nearly 80 percent increase from the same period last year. Genworth reports that it completed more than 30,000 mortgage workouts nationwide during the period via its homeowner assistance program.

The leading states for mortgage dollars saved include California ($535 million), Florida ($454 million), Illinois ($268 million), New York ($244 million), Arizona ($243


million), Georgia ($224 million), New Jersey ($206), Texas ($198), North Carolina ($158), and Maryland ($149).

""The growing success of our homeowner assistance program affirms what we have said for years, that private mortgage insurance is entirely aligned with the interests of homebuyers to help them buy a home and keep their home,"" said Alan Goldberg, VP of homeowner assistance for Genworth's U.S. mortgage insurance business.

""We are also pleased with the success of the Obama administration's Home Affordable Modification Program (HAMP),"" Goldberg said. ""Though slow to start, HAMP continues to gain momentum and now accounts for more than $2.3 billion mortgage dollars saved, which is one-half of all mortgage dollars saved through the program over the past 12 months.""

Many of Genworth's workouts are cures, meaning borrowers are able to save their homes and become current on their mortgages, with a cure rate above 80 percent in 41 of 50 states.

HAMP accounted for more than half of total mortgage dollars saved and 36 percent of Genworth's workouts, followed by proprietary loan modifications (29 percent), short sales (16 percent), and repayment plans (15 percent).

About Author: Heather Cernoch


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