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

The Financial Services Roundtable and Housing Policy Council Statement on the Administration’s Mortgage Modification Conversion Drive

 
Washington, DC (November, 30, 2009) – The Treasury Department and Department of Housing and Urban Development’s plan, released today, to help ensure that homeowners eligible for a HAMP modification complete the process is a worthwhile effort.  Member companies of the Financial Services Roundtable and the Housing Policy Council are working hard to help their distressed homeowners stay in their homes and avoid foreclosure whenever possible.   The industry will continue to work with the Administration to help implement the HAMP program as well as additional efforts to help all distressed homeowners seeking assistance.  

More than 650,000 homeowners have had their mortgage payments lowered through trial HAMP modifications.    The Administration has announced that it is critical for homeowners to complete their documentation to convert their trial modification to a permanent one. The industry is working with homeowners and the Administration to overcome the challenge presented by proper documentation.  For example, the industry, working through HOPE NOW, is preparing to launch a new web portal for housing counselors to help homeowners to collect all necessary documents.  Housing counselors will also be able to track the progress of a homeowner’s HAMP loan application.  This portal, when combined with the Administration's web-based resources, will help streamline the process to help convert trials modifications to permanent modifications. 

The HAMP program is an important part of the overall effort to help at-risk homeowners avoid foreclosure and stay in their homes.  Overall, the industry has helped nearly 5.8 million homeowners avoid foreclosure since the housing crisis began. In addition to HAMP modifications, lender/servicers are helping homeowners through a variety of plans including proprietary bank/investor specific modifications, repayment plans, extended forbearance, as well as deeds in lieu, and short sales. The industry is producing individualized workout solutions tailored to each borrower's unique situation. 

The industry remains committed to working with Americans to help them stay in their homes.

The Roundtable's Housing Policy Council is made up of twenty-seven companies that are among the nation's leaders in mortgage finance. Member companies originate seventy-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.