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Critics Want FHA To Speed Up Claims.(Federal Housing Administration)(Brief Article)
The Bush administration is pressing the Department of Housing and Urban Development to implement an accelerated claims processing program that will cut the costs of defaulted Federal Housing Administration loans.
"In fiscal year 2003, FHA will begin to move out of the single-family property management business and accelerate the claims process by taking mortgage notes rather than requiring lenders to foreclose and transfer single-family properties to FHA," according to HUD budget documents.
Under accelerated processing, the FHA would pay claims on insured single-family loans that are 91 to 120 days delinquent and do not qualify for loss mitigation. HUD would transfer the nonperforming loans to a joint venture partnership where special servicers would either foreclose on the properties or get the loans ready for sale.
HUD intends to have an equity interest in the partnerships, according to a Feb. 5 Federal Register notice announcing the state of a demonstration program.
HUD expects to take ...
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Source: HighBeam Research, Critics Want FHA To Speed Up Claims.(Federal Housing...