Saturday, July 21, 2012

Wait, HUD resells mortgages?

Wondering how many people even know that HUD not only forecloses on mortgages it insures but also routinely resells mortgages. Lately it is trying to resell special groups of defaulted FHA single-family mortgages that are nearing foreclosure, preferably to local "entities" (nonprofits? city agencies?) that offer to make something better out of them.

Seems like this process ought to be not only better known but an important matter for discussion in the politics of the cities involved -- for the current special sale, Chicago, Newark, Phoenix and Tampa.

There has been coverage these last couple days, but not that much.

I think one of the most effective hedges against transparency is the appearance of dullness. HUD is good at making important events look boring.

No comments:

Post a Comment