The Federal Housing Administration doubled its distressed loan sales from 5,000 sales per quarter to 9,000 sales beginning July through the Distressed Asset Stabilization Program.
The current commitment is to now sell at least 10,000 distressed loans per quarter over the next year as a result of the audit report projections, according to the U.S. Department of Housing and Urban Development.
After the release of the actuarial report last week, the FHA implemented a series of steps to turn capital reserve positive within the year, according to a HUD release. This includes the continuation to sell expanded pools of defaulted mortgages through DASP.
Read more...FHA doubles distressed loan sales | HousingWire
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