2012-08-17americanbanker.com

``HUD said in July that it would ramp up its bulk loan sales to 9,000 per quarter from an initial goal of 5,000 per quarter. So far, HUD has sold just 2,100 loans to date since the program was created in 2010.

The sale of 9,443 loans with an average balance of $182,000 each includes homes located in some of the hardest-hit housing markets: Chicago, Newark, N.J., Phoenix and Tampa. The program is part of the Obama administration's broader strategy of encouraging public-private partnerships to stabilize neighborhoods and home values in certain critical markets.''


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