DSNews The homepage of the servicing industry
HUD has announced the latest sale in the Distressed Asset Stabilization Program, Single Family Loan Sale 2016-1, consisting of one offering date with National Pools and Neighborhood Stabilization Outcome Pools offered on November 18, 2015. Like the previous distressed loan sale executed in July, HUD's NSO offerings will include one pool for which only non-profit bidders or units of local government are eligible to bid. Unlike the National Pools that include mortgage loans spread out across the nation, NSO pools are concentrated in one geographic area and are aimed at achieving neighborhood stabilization outcomes.
Last week, Senator Elizabeth Warren and Representative Mike Capuano met with officials from government housing agencies in Washington, D.C., to discuss the agencies' distressed asset sales practices. Warren had expressed concern over the large percentage of distressed mortgage loans being sold to private investors. HUD announced significant changes in the distressed asset program back in April in order to achieve better outcomes for borrowers. The latest sale will be the second one since HUD announced the changes.
Saturday, October 3, 2015, marked the seven-year anniversary of then-President George W. Bush signing the government's Troubled Asset Relief Program into law in order to help stabilize financial markets and restore Americans' confidence in the economy. In seven years, TARP has recovered 442 billion dollars for taxpayers while disbursing 430 billion for a positive return of 12 billion, helped more than 1 point 5 billion families avoid foreclosure, and saved homeowners 36 billion dollars on monthly mortgage payments.
