Homeownership: Information on Single-Family Loans Sold by HUD: RCED-99-145.

In 1994, the Department of Housing and Urban Development (HUD) began a program to liquidate its inventory of single-family loans. From June 1994 through September 1997, HUD sold 98,640 single-family loans in a series of six sales. The loan purchasers agreed to offer borrowers the same forbearance that HUD was required to offer before the loans were sold. These sales allowed HUD to make critically needed staff reductions and saved more than $830 million. GAO provides information on the current status of single-family loans sold and the ways in which HUD has ensured that the purchasers of these loans abide by the forbearance requirements contained in the loan sales agreements. [ABSTRACT FROM AUTHOR]