The Hope Now alliance says it modified or entered into new payment plans on 192,034 residential loans during July. The group -- which includes mortgage servicers, investors, and credit counselors -- maintains that it has prevented 2.07 million foreclosures since its inception last summer. Of the 192,034 loans worked out, 58% were subprime and the balance were prime. Meanwhile, the alliance -- basing its information on a survey of nine firms controlling 60% of the subprime servicing market -- estimated that 1.1 million subprime mortgages were scheduled to reset between January and July of this year. At deadline time, the group was holding a news conference about its results.
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