Community groups demand halt to HUD distressed loan sales | 2014-09-09 | HousingWire

“The Vulture Capital Hits Home report makes three primary allegations:

The current structure of DASP auctions hampers community stabilization by considering only the highest bid without weighting the bidders’ track record of good outcomes for homeowners and communities.The current outcome requirements and reporting structure fails to hold purchases accountable to neighborhood-stabilization goals and provides insufficient transparency and prevents community oversight.The current pre-sale certification phase does not ensure that the FHA mortgage modification process has been followed before loans are included in DASP auction pools.” http://www.housingwire.com/articles/31304-community-groups-demand-halt-to-hud-distressed-loan-sales

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