HUD says $16.7B of loan sales reduced foreclosures

HUD-Seal

HUD-SealBy Heather Perlberg, John Gittelsohn, Clea Benson | Bloomberg

The sale of $16.7 billion in nonperforming loans by the U.S. Housing and Urban Development Department helped the owners of about 16,700 homes avoid foreclosure, the agency said.

Almost half of the 79,029 loans for which HUD has received reports were resolved as of Feb. 6, meaning they are no longer considered nonperforming after having gone through foreclosure or another outcome, the department said in a report released Friday. About 44 percent of resolutions resulted in the prevention of home seizures, and 16 percent of resolved loans were reperforming, with borrowers making timely payments.

The program “is meeting its intended goal of minimizing losses” to the mortgage-insurance fund, HUD said in the report. “Without the note-sale program, all of these loans might be foreclosed upon.”

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