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:
“Western hospitality prevails; it is reminiscent of the kind displayed earlier here by a host who said to an unexpected guest, “Stranger, you take the wold skin and the chaw o’ sowbelly—I’ll rough it.””
—Administration in the State of Texa, U.S. public relief program (1935-1943)
“An older child, one who possesses a conscience, will be troubled with self-reproaches and feelings of shame for his naughtiness, even if he is not discovered. But our two-year-olds and our three-year- olds experience guilt feelings only when they feel or anticipate disapproval from the outside. In doing this, they have taken the first steps toward the goal of conscience, but there is a long way ahead before the policeman outside becomes the policeman inside.”
—Selma H. Fraiberg (20th century)
“I was never lost, but I was bewildered once for three days.”
—Administration in the State of Miss, U.S. public relief program (1935-1943)
“The only thing that was dispensed free to the old New Bedford whalemen was a Bible. A well-known owner of one of that city’s whaling fleets once described the Bible as the best cheap investment a shipowner could make.”
—For the State of Massachusetts, U.S. public relief program (1935-1943)