Treasury, HUD & FHFA Issue White Paper on Foreclosure Prevention

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Treasury, HUD & FHFA Issue White Paper on Foreclosure Prevention

Sep, 4th 2016

The U.S. Department of the Treasury, the U.S. Department of Housing and Urban Development (HUD), and the Federal Housing Finance Agency (FHFA) today released a white paper designed to serve as a guide for future loss mitigation programs that draw on the lessons learned from implementing the government’s crisis-era housing recovery programs.

Over the past seven years, the foreclosure prevention programs established by Treasury, HUD and FHFA have transformed the way in which the mortgage servicing industry has interacted with and assisted struggling homeowners. In total, through government programs and private sector efforts, 10.5 million modification and mortgage assistance arrangements were completed between April 2009 and the end of May 2016.  Additionally, Making Home Affordable (MHA) and other crisis-era homeowner assistance programs resulted in improved homeowner engagement in the loss mitigation process, new guidelines for the types of loss mitigation options offered to homeowners and standardized procedures for how such products are provided. The programs also supported the recovery of the housing market and demonstrated that a mortgage modification can be a sustainable option for homeowners seeking to avoid foreclosure.

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