Democrats Demand More FHA Info on Nonperforming Loan Sales
Key Democratic lawmakers are urging the Department of Housing and Urban Development to tighten its program for selling nonperforming guaranteed loans to ensure servicers have exhausted all loss mitigation options before the loans are sold to private investors.
Rep. Elijah Cumming, D-Md., and Sen. Sherrod Brown, D-Ohio, are concerned that the Federal Housing Administration has sold distressed loans to investors while homeowners are still in agency-approved loan modification programs.
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