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Home » Store » Government-Insured Lending » HUD Announces Expanded FHA Note Sales Program, Aims to Prevent REO Growth, Reduce Foreclosures

HUD Announces Expanded FHA Note Sales Program, Aims to Prevent REO Growth, Reduce Foreclosures

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The Department of Housing and Urban Development will sell an estimated 5,000 nonperforming mortgages on the brink of foreclosure in September under an expanded FHA loan-sale program aimed at preventing further growth of the agency’s massive inventory of real estate owned properties. How the deals under the Distressed Asset Stabilization Program will be structured and priced is still not clear. The details are being worked out, said a HUD spokesman. The DASP is an expansion of an FHA pilot program, the Mortgage Acquisition and Disposition Initiative, which began in 2010 and has resulted in the purchase...
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