The U.S. Department of Housing and Urban Development (HUD) is making moves to create a lasting program aimed at selling off severely delinquent single-family mortgages that are backed by the Federal Housing Administration (FHA). This initiative is designed to address the ongoing issue of homeowners struggling with mortgage payments by transferring the loans to new servicers.
Key points:
– HUD is seeking to implement a permanent program to offload seriously delinquent FHA-insured mortgages.
– The program aims to assist struggling homeowners by assigning the loans to new servicers.
– This strategy is part of ongoing efforts to mitigate the impact of mortgage delinquencies within the housing market.
– The establishment of a permanent program signifies a long-term solution to the challenge of managing seriously delinquent FHA-backed mortgages.
You can read this full article at: https://www.housingwire.com/articles/hud-proposes-permanent-program-for-sale-of-seriously-delinquent-mortgages/(subscription required)
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