HUD Says $15.8 Billion of Loan Sales Cut Foreclosures
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The sale of $15.8 billion in nonperforming loans by the U.S. Housing and Urban Development Department cut losses to its troubled insurance fund and helped stop foreclosure for about 6,400 homeowners, the agency said.
HUD has sold more than 91,000 loans, including almost 53,000 this year. Half of the about 38,000 loans sold through last year were resolved as of May -- meaning they went through foreclosure or another outcome and are no longer considered nonperforming -- and 34 percent of those resolutions resulted in property seizures being averted, the department said in a report released today.