CINCINNATI, Feb. 4 /PRNewswire/ -- When the Obama Administration introduced the comprehensive Home Affordability and Stability Plan in March 2009, the goal was to provide refinance and modification options for millions of homeowners. Fifth Third Mortgage Company, a subsidiary of Fifth Third Bank (Nasdaq: FITB) and the 18th largest mortgage originator in the country (Inside Mortgage Finance, October 2009), has done its part to help homeowners stay in their homes.

Of the 89 percent of Fifth Third Mortgage Company's portfolio eligible for Home Affordable Modification Program (HAMP) consideration, nearly 35 percent of trial plans started have been converted to permanent modifications. According to U.S. Treasury data recently released for December 2009, that percentage is more than four times the national average of 7.4 percent.

"Fifth Third Bank works hard to provide the best for our customers," said Steve Alonso, executive vice president of Consumer Lending and Mortgage at Fifth Third Bank. "We have significantly increased staff in this department and continuously work to convert customers who are eligible for the program."

The Mortgage Company uses HAMP on its Fannie Mae- and Freddie Mac-owned mortgages, per government sponsored entities' (GSE) mandatory participation in the program. Housing and Urban Development (HUD) created a program similar to HAMP for the mortgages it owns and the Bank services. Both programs require a three-month trial modification period before being converted to permanent status.

Many portions of the Making Home Affordable Program have raised questions from borrowers completing the extensive paperwork necessary to participate in the program. Fifth Third Bank has created a Web site to help borrowers navigate through the paperwork. The site, www.53.com. Fifth Third's common stock is traded on the NASDAQ® National Global Select Market under the symbol "FITB." Member FDIC. Equal Housing Lender.

SOURCE Fifth Third Bancorp