This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Genworth MI Helped Nearly 150,000 Borrowers Stay In Homes Or Avoid Foreclosure In Housing Crisis; Saved Almost $22 Billion In Mortgage Value

RICHMOND, Va., May 5, 2014 /PRNewswire/ -- Almost 150,000 homeowners in the United States were able to stay in their homes or avoid foreclosure during the housing crisis due to efforts of the Homeowner Assistance (HOA) team at Genworth Mortgage Insurance (MI), the Raleigh, NC-based unit of Genworth Financial, Inc. (NYSE: GNW).

Between 2007 and the end of 2013, Genworth MI worked with borrowers and its mortgage servicing partners to help 149,891 homeowners recover from the effects of the Great Recession or other setbacks that resulted in mortgage delinquencies. Instead of potentially having to write off all or a portion of these delinquent mortgages, the HOA team's efforts kept almost $22 billion of mortgages on the books of lenders and investors as productive assets, based on the $185,500 average unpaid principal balance of mortgages insured by Genworth MI.  

"Private mortgage insurance helps creditworthy borrowers navigate the path to homeownership years sooner than if they had to save for a 20 percent down payment," said Joe Hullinger, Genworth MI vice president of operations. "But our mission also includes helping borrowers who encounter financial difficulty stay in their homes." Hullinger said approximately 79 percent of all borrowers who received a workout were able to remain in their homes.

Genworth MI's HOA team can help distressed borrowers work with mortgage servicers to obtain loan modifications or other measures to temporarily or permanently lower their monthly mortgage payments so they can remain in their home. The HOA team also can help borrowers work with servicers to sell their home to avoid the costs and credit damage of the foreclosure process, if modified loan terms or payments are not a viable option. These measures collectively are called loan workouts.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $92.72 -0.56%
FB $119.49 1.43%
GOOG $711.12 1.38%
TSLA $214.93 1.61%
YHOO $37.23 0.79%


Chart of I:DJI
DOW 17,740.63 +79.92 0.45%
S&P 500 2,057.14 +6.51 0.32%
NASDAQ 4,736.1550 +19.0610 0.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs