Troubled Assets Relief Program
The Troubled Assets Relief Program is a systematic foreclosure prevention and mortgage modification program established by the Secretary, in consultation with the Chairperson of the Board of Directors of the FDIC and the Secretary of Housing and Urban Development, that—
- Provides lenders and loan servicers with certain compensation to cover administrative costs for each loan modified according to the required standards; and
- Provides loss sharing or guarantees for certain losses incurred if a modified loan should subsequently re-default.
Read more about this topic: Loan Modification In The United States
Famous quotes containing the words relief program, troubled, relief and/or program:
““Tall tales” were told of the sociability of the Texans, one even going so far as to picture a member of the Austin colony forcing a stranger at the point of a gun to visit him.”
—Administration in the State of Texa, U.S. public relief program (1935-1943)
“Who said, ‘All Time’s delight
Hath she for narrow bed;
Life’s troubled bubble broken’?—
That’s what I said.”
—Walter De La Mare (1873–1956)
“I done et so free o’ fish, my stommick rises and falls with the tide.”
—For the State of Florida, U.S. public relief program (1935-1943)
“Chippenhook was the home of Judge Theophilus Harrington, known for his trenchant reply to an irate slave-owner in a runaway slave case. Judge Harrington declared that the owner’s claim to the slave was defective. The owner indignantly demanded to know what was lacking in his legally sound claim. The Judge exploded, ‘A bill of sale, sir, from God Almighty!’”
—For the State of Vermont, U.S. public relief program (1935-1943)