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Tag Archives: Distressed Asset Stabilization Program

HUD: Changes are Coming to Delinquent Loan Sales

HUD Secretary Julián Castro is expected to soon unveil changes to HUD's Distressed Asset Stabilization Program, which has drawn criticism over the last year for its sales of deeply delinquent mortgage loans to Wall Street investors and private firms.

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Advocates Defend Castro, But. . .

One housing advocacy group has defended the HUD Secretary against recent criticisms that he is not qualified to be vice president of the United States. At the same time, however, the group said HUD could stand to make some changes.

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Enhancements to HUD’s Distressed Asset Program Give Borrowers More Protection

Under the new rules, loan servicers are required to delay foreclosure on a home for a year and evaluate all borrowers facing foreclosure for participation in the government's Home Affordable Modification Program (HAMP) or a similar loss mitigation program. Loan servicers could previously foreclose on a home six months after they received the loan and were not required to evaluate borrowers for loss mitigation programs, though they were encouraged to do so.

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