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

February Treasury Report Shows Increase in Homeowner Relief
Housing Policy Council members continue to help more homeowners

Washington, D.C.—March 12, 2010— The Treasury Department’s February report on Making Home Affordable (HAMP) loan modifications shows the tremendous effort servicers are making to help at-risk homeowners lower their mortgage payment and avoid foreclosure. With a 45% increase in HAMP modifications, now more than 170,000 homeowners have had their payment amount permanently reduced, and more than 1 million homeowners are now making a lower, more affordable mortgage payment. That is a remarkable number of people who have been helped in a very difficult housing market. 

“Housing Policy Council members and other servicers are working hard individually and through HOPE NOW to complete loan modifications,” said John H. Dalton, President of the Housing Policy Council. “HOPE NOW continues to host in-person events across the country to reach homeowners and to complete documentation efforts for those in a HAMP trial mod.  Our Housing Policy Council members are participating in those HOPE NOW events, which are coordinated with the Treasury Department and partners such as NeighborWorks America.  In addition, HPC member companies continue to call and mail their at-risk customers with offers of assistance, both through HAMP and non-government solutions.”

Thousands of homeowners are also being helped by their servicer with modifications outside of the HAMP program.  HOPE NOW will begin reporting new data on the significant non-HAMP modifications that are being completed for at-risk homeowners who do not qualify for HAMP.   

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 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 $74.7 trillion in managed assets, $1.1 trillion in revenue, and 2.3 million jobs.