FHA is urged to reform loan sale program

SOURCE: Mortgage News Feed

A program designed to help prop up the Federal Housing Administration is short-changing borrowers and neighborhoods hard-hit by foreclosures, community groups said as they took to the streets to push for changes. Demonstrators in downtown Los Angeles and 10 other cities Tuesday urged federal regulators to reform an arcane 2-year-old program that bundles government-insured loans near foreclosure and auctions them off to the highest bidder.

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