Thousands More FHA Loans set for Auction Block

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Posted To: MND NewsWire

Approximately 20,000 severely delinquent FHA-guaranteed mortgage loans will be offered to investors through two Department of Housing and Urban Development ( HUD ) sponsored auctions this summer. The sales are part of HUDs expanded Distressed Asset Stabilization Program designed to reduce FHA's shadow inventory, target relief to geographic areas that have been especially hard hit by foreclosure activity, and shore of FHA's mortgage insurance fund. On June 26 th investors will have the opportunity to purchase approximately 15,000 notes through "national pools". The second sale, on July 10 will offer loans from Neighborhood Stabilization Outcome (NSO) pools that are concentrated in Chicago, southern Ohio, metropolitan Los Angeles, and the state of North Carolina. Loans will be sold through a...(read more)

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Source: http://www.mortgagenewsdaily.com/05032013_bulk_loan_sales.asp

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