A program created to allow the Federal Housing Administration (FHA) to sell thousands of mortgage notes via auction after the 2008 financial crisis could be harming borrowers, according to a new report by the U.S. Government Accountability Office.
The report “confirms that our longstanding concerns are warranted,” House Financial Services Chairwoman Maxine Waters stated.
Read on for details from the GAO’s study, designed to determine whether the Distressed Asset Stabilization Program (DASP) is serving its dual purpose of helping struggling FHA borrowers and minimizing losses to the FHA.
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