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News Release 2008-73 | July 2, 2008

Comptroller Dugan Comments on Hope Now Data

WASHINGTON — Comptroller of the Currency John C. Dugan issued the following statement regarding the release of new data from the Hope Now Alliance earlier today.

I am pleased that the OCC is working with Hope Now and OTS to move mortgage reporting towards a more common set of metrics and definitions.

We have supported Hope Now's efforts to help homeowners avoid foreclosure by encouraging mortgage servicers to work with troubled borrowers, and its monthly reports continue to provide valuable information.  The differences in results reported by Hope Now and the OCC reflect differences in the populations of underlying loans and in some key definitions.  To the extent that they reflect differences in definitions, these are the very issues that we will be working to resolve in the coming months.

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Bryan Hubbard
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