20,000 home loan is the number of U.S. Housing and Urban Development (HUD) loans slated for sale this summer as part of an initiative to help address the nation’s shadow inventory. The loans are “severely delinquent,” and HUD hopes their sale will “target relief to areas experiencing high foreclosure activity.” The loans are to be sold through HUD’s Distressed Asset Stabilization Program (DASP) and the profits will go to increasing recoveries in the FHA’s Mutual Mortgage Insurance (MMI) Fund. HUD will offer 15,000 notes up for auction on June 26, 2013, and another 5,000 on July 10. Qualified bidders can make offerings on notes in southern California, Chicago, southern Ohio, and North Carolina[1].
[1] http://nationalmortgageprofessional.com/news37120/hud-sell-thousands-severely-delinquent-mortgage-loans
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