The first offering of distressed loans for the Department of Housing and Urban Development’s new fiscal year exceeds $1.3 billion.
HUD announced on Tuesday that it is selling
non-performing, residential loans as part of its Distressed Asset Stabilization Program.
The deal, which includes 43 pools, marks the first DASP offering of HUD’s fiscal-year 2016, which started on Oct. 1, 2015.
One part of the offering consists of
19 Neighborhood Stabilization Outcome Pools with loans totaling $715 million in aggregate unpaid principal balance.
The Neighborhood Stabilization Outcome Pools include three non-profit or units of local government only pools.
The second portion of the offering consists of five
diversified national pools with a collective unpaid principal balance of $600 million.
HUD said the offering, SFLS 2016-1,will be made on Nov. 18.
