Genworth workouts increase 78% in a year, $4.7 billion in mortgages saved
[Update: corrects the dollar amount saved in California to $534 million] Genworth Financial (GNW), a national life and mortgage insurance company, saved nearly $4.7 billion in mortgages from foreclosure in the year ending June 30, up 78% from the same period a year ago, according to the firm's latest Foreclosure Prevention Scorecard released today. Of that, $2.3 billion were attributed to the government's Home Affordable Modification Program (HAMP). “The growing success of our homeowner assistance program affirms what we have said for years," said Alan Goldberg, vice president of Homeowner Assistance for Genworth's U.S. mortgage insurance business. "Private mortgage insurance is entirely aligned with the interests of homebuyers to help them buy a home, and keep their home.” Genworth reported that eight out of 10 workouts were cures, or mortgages brought current. Of all workouts, 36% were HAMP mods, 29% were internal mods by Genworth's Homeowner Assistance Program, 16% were short sales, and 15% were repayment plan workouts. Workouts in California increased 183%, totaling $534 million from 1,703 modifications. Of all loans serviced by Genworth in the state, 76% were rescued. Florida had the highest number of rescues, 2,238, up 21% from the same period a year ago. Other states that filled out the top 10 most mortgage dollars saved were Illinois (Chicago was the city that saved the most mortgages by dollar amount in the nation, $65.2 million), New York, Arizona, Georgia, New Jersey, Texas, North Carolina and Maryland. Ninety-eight percent of loans serviced in Maryland were saved. Write to Christine Ricciardi.