Daily Real Estate News April 29, 2008
Workouts on Prime Mortgages Increase Hope
Now’s banker members say despite getting off to a slow start, the coalition is making a difference.Hope Now, an alliance of mortgage servicing and counseling companies, reports 502,520 mortgage workouts -- changes to repayment schedules or contractual terms of loans to prime borrowers -- in the first quarter, up 6 percent from the 2007 fourth quarter and 26 percent from the third quarter. Mortgage companies negotiated new terms on 206,495 prime loans last quarter, a 19 percent gain from the fourth quarter's 173,499, according to Hope Now. The alliance reports that subprime workouts fell to 296,025 from 301,244. Members of Hope Now include Bank of America Corp., Citigroup Inc., Washington Mutual Inc., and Wells Fargo & Co.Robert Steel, Treasury undersecretary for domestic finance, defended Hope Now’s still relatively low mortgage rescue rate, saying falling house values do not necessarily change a borrower’s ability to afford a monthly mortgage payment."We strongly believe people should and will continue paying their mortgages regardless of short-term price fluctuations," Steel said in remarks to a business journalists conference.Source: Reuters News (04/28/08)
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