Jonathan Kempner, the president and CEO of the Mortgage Bankers Association, said that he is pleased with the “very impressive, sincere effort” that the United States’ mortgage servicers and HOPE NOW alliance have undertaken over the past year to help America’s troubled homeowners avoid foreclosure. Kempner said that the “numbers speak for themselves” when it comes to the number of families HOPE NOW has been able to help. He explained that the organization has been connecting thousands of homeowners with their lenders, helping “real people find real solutions” to avoid foreclosure and stay in their homes. (more…)

Faith Schwartz, the executive director of HOPE NOW, talks about the organizations success so far this year. She says that the numbers for June are “the best ever,” explaining that 181,000 loans were worked out in that month alone. Schwartz also says that a total of 1.9 million foreclosures were prevented and that HOPE NOW will continue to work to reach and help more at risk homeowners. (0:43)

 

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Senator Dodd (D-CT) chaired a committee hearing today entitled “Strengthening our Economy: Foreclosure Prevention and Neighborhood Preservation.”  The Committee investigated losses in the mortgage market bourne by both lenders and investors. 

The committee concluded that due to “bad lending practices” that “no sensible banker should have engaged in,” our housing market and economy in general has taken a turn for the worse.  Senator Dodd cautioned that without immediate action our economy would head toward recession.  President Bush alluded to this in his State of the Union Address Monday evening.

Robert Steel, Undersecretary for Domestic Finance, assured the Committee that the Bush Administration’s goal is to prevent foreclosures for homeowners, particularly those “at risk homeowners who can be helped.”  Emphasizing the progress achieved by Bush’s HOPE NOW program, Steel reminded the Committee of the progress already achieved regarding mitigating, “the impact of rising foreclosures on homeowners and the economy.”  With an economy in limbo, there is optimism that HOPE NOW and other government sponsored programs can aid struggling families sooner rather than later.