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FHA Will Speed Bad Loan Sales.(Federal Housing Administration)
The Federal Housing Administration is taking a new approach to selling nonperforming single-family loans and the agency is hoping it will reduce foreclosure costs for the government and servicers.
This approach is designed to quickly dispose of delinquent loans that would not benefit from loss mitigation.
And it employs equity partnerships that were developed by the Resolution Trust Corp. to dispose of nonperforming real estate loans so that HUD can share in the recoveries.
"This could represent a significant change in the way FHA operates," according to the FHA director of single-family asset management Joe McCloskey.
Under a demonstration program, FHA has arranged for a select group of servicers to create a pipeline of loans that are entering early default (90 days or more).
The first pipeline will be auctioned on Oct. 22 and the winning bidder will be responsible for managing and servicing a loan pool of 5,000-6,000 formerly insured FHA loans with an estimated unpaid principal balance of $400 million to $500 million.
The winner also becomes a joint venture partner with the Department of Housing and Urban Development.
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Source: HighBeam Research, FHA Will Speed Bad Loan Sales.(Federal Housing Administration)