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.