12th December 2012

FHA to sell 40,000 distressed loans

U.S. Department of Housing and Urban Development will sell at least 40,000 distressed loans over the next year, generally in quarterly sales, in an effort to reduce total claims, cost and increase recovery on losses to the Federal Housing Administration Mutual Mortgage Insurance Fund.

The results of which, when considered by FHA independent actuary, should yield an estimate of an additional $1 billion in economic value to FHA’s Mutual Mortgage Insurance Fund in fiscal year 2013 alone by significantly reducing the expected severity of losses on loans sold through the program.

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