One of the biggest successes of the financial services industry over the past few years has been the work it has done to prevent foreclosures and keep homeowners living in their homes. It hasn’t been easy. The combination of a high unemployment rate plus the financial crisis that hit in 2008 has meant that the problem has continually changed and solving it has been as hard as…as we say in Texas…putting dry boots over wet socks.
But in spite of this ever changing, tough to get a hold on problem, the industry has done some amazing things to help homeowners. Through Hope Now, the joint effort between mortgage servicers, lenders, and insurers and non-profit home ownership counselors, the industry issued an astounding 1.8 million loan modifications in just the first 11 months of 2010. More astoundingly, since Hope Now began almost 4 years ago, approximately 4 million mods have been completed.
Neither of these numbers are forecasts or projections: They’re documented, verified, and confirmed facts that you can check by going to the HOPE NOW website. As we say in Texas, you can take those numbers to the bank and borrow money on them.