FHA Ramps Up Loan Sell-Off Effort To Curb Foreclosures

Law360, New York (June 8, 2012, 6:33 PM EDT) -- The Federal Housing Administration on Friday unveiled plans to intensify its loan sell-off efforts to help manage delinquent home mortgages, increasing by as much as tenfold the number of loans transferred to investors, servicers or other stakeholders.

As the housing market begins to creep out of its half-decade slump, the Distressed Asset Stabilization Program will build on a single-family note sales pilot program that has already sold more than 2,000 seriously delinquent loans at a market-determined price generally below the outstanding balance, U.S. Secretary of Housing...
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