Genworth Saves $2 Billion of Mortgages from Foreclosure

Mortgage insurer Genworth Financial in Raleigh, NC saved more than $2 billion of mortgages from foreclosure in the 12 months ending March 31, 2009, according the company's latest Foreclosure Prevention Scorecard, which tracks quarterly progress of the company's Homeowner Assistance program. Genworth and its servicer partners completed nearly 15,000 workouts nationwide. Of that amount, 89% received a "cure" workout, meaning the borrower was able to save their home and become current on their mortgage. The remaining 11% were able to avoid foreclosure through a "non-cure" workout. The report shows more successful workouts were completed in Florida, Texas and Georgia than anywhere else in the U.S. Over a quarter of the total value of foreclosures prevented was concentrated in those top three states ($218 million in Florida, $149 million in Texas and $111 million in Georgia). Nationally, workouts increased year-over-year by 56%, based on the company's data. Rounding out the top 10 states where workouts occurred were Ohio, Michigan, Pennsylvania, North Carolina, Illinois, New York and Arizona. The report shows that the Southeastern region of the country accounted for one-third ($614 million) of all workouts. Florida and Arizona saw triple-digit increases in workouts while Houston and Miami continue to top the list of the leading cities for workouts. Repayment plans accounted for most workouts with 31%, followed by loan modifications (38%), HomeSaver Advance (18%), short sales (11%) and deed-in-lieu of foreclosure (2%).