July 19, 2012
The FHA and HUD have issued a press release about the Distressed Asset Stabilization Program, which is described as “an expansion of an FHA disposition program that sells pools of defaulted mortgages headed for foreclosure and provides the opportunity for the purchaser and borrower to avoid a costly foreclosure.”
HUDNo.12-116 says “Qualified entities interested in purchasing pools of severely distressed loans formerly insured by the Federal Housing Administration (FHA) can now submit applications for the Distressed Asset Stabilization Program“, stating that around 3,500 loans will be sold in four areas among the communities hardest hit by the foreclosure crisis.
Those areas are Chicago, Illinois, Newark, New Jersey, Phoneix, Arizona and Tampa, Florida. This stabilization program is part of the Obama Administration’s efforts to stimulate “public/private partnerships to stabilize neighborhoods and home values in critical markets. Details on the Distressed Asset Stabilization Program can be found at www.hud.gov/fhaloansales” according to the press release.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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