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HUD Announces Rules To Shield Mortgagors From Foreclosure
HUD Secretary Carla Hills told Mortgage Bankers Association that new rules delay foreclosures until three months delinquent and require acceptance of partial payments at least 50 percent. She said the aim is to keep responsible but temporarily strapped borrowers in their homes and to boost the industry's public image. Hills urged stronger audits and warned against misconduct, stressing prevention over blame.
MENTIONED IN THIS ARTICLE
Chicago
UPI
Carla Hills
Department of Housing and Urban Development
Mortgage Bankers Association of America
Little Nell
Mately 100
HUD