Genworth Provides Workouts on $2.3bn of Mortgages
Mortgage insurer Genworth Financial (GNW) kept $2.3bn worth of mortgages from foreclosure from October 2008 through September 2009, according its quarterly foreclosure prevention report. Genworth worked out 17,810 loans during that time frame -- 15% of the 115,000 delinquent loans in its portfolio as of Q309, a Genworth spokesperson told HousingWire. In Florida, Genworth kept $245m in mortgages from foreclosure. Texas borrowers received the second most successful workouts, totaling $165m in mortgages, followed by $144m worth of mortgages in California. Across the country, 80% of the workouts received a “cure” status, meaning the borrower became current on the mortgage. Loan modifications made up 44% of the workout types. Homeowners on a repayment plan accounted for 23%, short sales equaled 16% and 2% received a deed-in-lieu of foreclosure. Chris Antonello, the senior vice president of marketing for Genworth’s US mortgage insurance business said that foreclosures unsettled communities, where people could not anticipate a national economic recession. “What’s important now, however, is how the entire mortgage lending industry is responding, increasing efforts to help these homebuyers remain homeowners," he said. "It’s great that we could work with our servicer partners to help so many delinquent households nationwide resolve their mortgage problems.” Write to Jon Prior.