FOR IMMEDIATE RELEASE
Elise Brooks, (202) 589-2427

 Mortgage Servicers Meet Goal of 500,000 HAMP Trial-Modifications:
 Work Continues to Aid Troubled Homeowners

Washington, D.C.—October 8, 2009— The Financial Services Roundtable and its Housing Policy Council applauded the efforts of mortgage servicers in meeting the goal of 500,000 Making Home Affordable (HAMP) trial-modifications, announced today. The goal was set by the Treasury Department and mortgage servicers in a July meeting.

“We are pleased with industry efforts thus far in reaching 500,000 trial HAMP modifications, but much work remains to be done,” said Steve Bartlett, President and CEO for the Roundtable. “Although unemployment and customer responsiveness remain serious challenges, the industry is optimistic that our multi-pronged efforts to keep homeowners out of foreclosure are working.”

“Regardless of the homeowner’s situation, there are options available to them to prevent a foreclosure. Homeowners can get help at the HOPE NOW Alliance’s foreclosure workshops, the Homeowner’s HOPE Hotline, 888.995.HOPE and by contacting their servicer directly,” said John H. Dalton, President of the Housing Policy Council. “Nothing is worse than doing nothing.”

Servicers are continuing to provide additional solutions to help homeowners who do not qualify for HAMP. These efforts will also continue. The most recent data released by the HOPE NOW Alliance stated that over 2.1 million homeowners had received assistance since January 2009.  Additionally, 325,000 workouts were implemented in August alone.   

"We are also pleased that Treasury is listening to suggestions from homeowners and servicers about the HAMP program and is working to streamline its requirements and reduce unnecessary paperwork," said Dalton. "We hope they will continue to work with all those involved with the HAMP program to make it as effective as possible."    

The Roundtable's Housing Policy Council is made up of twenty-six companies that are among the nation's leaders in mortgage finance.  Member companies originate sixty-five percent of the mortgages for American home buyers. Member companies participate in the Council through the senior mortgage executive in their company.

The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer.  Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.

Roundtable member companies provide fuel for America's economic engine, accounting directly for $84.7 trillion in managed assets, $948 billion in revenue, and 2.3 million jobs.