Foreclosure Prevention

The Financial Services Roundtable is committed to resolving the housing crisis and helping Americans restore their financial stability. In partnership with the HOPE NOW Alliance, over 3.7 million mortgage modifications have been made by member institutions since 2007. Over 90 percent of  loan modifications  completed in August resulted in a significant reduction in the principal and interest of the monthly payment for the at-risk homeowner.

The Roundtable established the Housing Policy Council (HPC) in April 2003. The mission of the HPC is to promote the mortgage and housing marketplace interests of member companies in legislative, regulatory, and judicial forums, as well as to communicate effectively the benefits of a fully competitive and integrated housing market to the American public. HPC members originate, service, and insure mortgages. We estimate that HPC member companies originate approximately 75 percent and service two-thirds of mortgages in the United States.

The Roundtable’s foreclosure prevention initiatives include the following:

  • The HOPE NOW Alliance. This  cooperative industry and non-profit effort  reaches out to at-risk homeowners and offers foreclosure counseling, as well as debt management and credit counseling  from HUD-certified non-profit counseling organizations . HOPE NOW continues to hold regular face to face  homeownership preservation events throughout the country, designed to bring mortgage servicers and non-profit housing counselors together to assist homeowners and avoid   foreclosures whenever possible . Many of the families that attend these Homeownership Preservation Workshops receive decisions on-site, or initiate the workout process and all who attend leave with a clearer picture of their mortgage situation.    HPC member companies and other mortgage servicers are regular participants in HOPE NOW events and work to offer the government-supported HAMP loan modifications and other loan modifications to troubled homeowners.   
  • The Homeowner’s HOPE™ Hotline. This hotline, 888-995-HOPE™ is owned and operated by Homeownership Preservation Foundation and supported by HOPE NOW, NeighborWorks America, mortgage servicers and mortgage investors, as well as the Housing Policy Council, Financial Services Roundtable and Mortgage Bankers Association. The hotline, 888-995-HOPE™ and website, www.995hope.com, are available 24/7 to any homeowner in America having trouble paying their mortgage.  Homeowners in distress will receive absolutely free foreclosure prevention counseling by expert counselors at HUD-approved agencies. 

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