Lawmakers Call for Transparency, Tougher Oversight of NPL Sales
March 11, 2016
Concerned about agency sales of distressed properties to hedge funds and private-equity investors, House Democrats have recommended steps to FHA and the government-sponsored enterprises to improve their nonperforming asset sale programs and protect homeowners and neighborhoods. The measures were outlined in a March 1 letter to both Housing and Urban Development Secretary Julian Castro and Federal Housing Finance Agency Director Mel Watt. The FHFA regulates Fannie Mae and Freddie Mac, both currently under conservatorship. Forty-five House Democrats reiterated their concerns about the way the distressed asset sale programs are structured and the effects they are having in communities where the properties are located. Last month, in a joint letter, two ranking House and Senate Democrats sought information from the ...