SOURCE: Mortgage News Feed
Lenders generated an estimated $428 million in gains from the sale of Ginnie Mae securities related to modified defaulted Federal Housing Administration (FHA) loans in 2013. FHA did not seek a portion of the gains to offset its incentive fees for loan modifications or claims of modified loans that redefaulted, according to a new report by the Office of Inspector General (OIG) and Department of Housing and Urban Development (HUD).
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