The Federal Housing Administration will resume its quarterly
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The agency did not schedule a sale for the first quarter because it fell behind in processing the sales, partly due to budget cuts and the federal government shutdown in October, according to FHA commissioner Carol Galante.
“It was mechanical,” she says. “We needed to take a little breather to process these efficiently.”
The FHA has been conducting these nonperforming loan sales since September 2010. The loans are no longer insured, but the successful bidders are forbidden to foreclose for at least six months. This restriction is designed to encourage the new servicer to restructure the loans and keep the borrowers in their home.
DebtX marketed the December FHA loan sale and SEBA Professional Services LLP managed the sale.