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:
“The other 1000 are principally the ‘old Yankee stock,’ who have lost the town, politically, to the Portuguese; who deplore the influx of the ‘off-Cape furriners’; and to whom a volume of genealogy is a piece of escape literature.”
—For the State of Massachusetts, U.S. public relief program (1935-1943)
“Sometimes these cogitations still amaze
The troubled midnight and the noon’s repose.”
—T.S. (Thomas Stearns)
“If the king is in the palace, nobody looks at the walls. It is when he is gone, and the house is filled with grooms and gazers, that we turn from the people, to find relief in the majestic men that are suggested by the pictures and the architecture.”
—Ralph Waldo Emerson (1803–1882)
“Mead had studied for the ministry, but had lost his faith and took great delight in blasphemy. Capt. Charles H. Frady, pioneer missionary, held a meeting here and brought Mead back into the fold. He then became so devout that, one Sunday, when he happened upon a swimming party, he shot at the people in the river, and threatened to kill anyone he again caught desecrating the Sabbath.”
—For the State of Nebraska, U.S. public relief program (1935-1943)