MBA Report Shows 5 Million Homeowners Still at Risk While Foreclosure Prevention Weakens
Center for Responsible Lending
February 18, 2011
Washington, D.C. --- The latest figures from the Mortgage Bankers Association show that reported mortgage delinquency rates moved down slightly in fourth quarter 2010, but more than five million homeowners remain at risk of losing their home to foreclosure.
- The number of homeowners currently in some stage of the foreclosure process actually increased 5% from third quarter.
- Meanwhile, Hope Now data show that the number of completed loan modifications in 2010Q4 plummeted by 23% over the previous quarter. Only one loan modification is occurring for every 15 homeowners in need of assistance.
The takeaway: millions of homeowners remain in trouble, and there’s very little relief in sight.
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About the Center for Responsible Lending
The Center for Responsible Lending is a nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. CRL is affiliated with Self-Help, one of the nation's largest community development financial institutions.