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:
“If, during his daily walk, he met any children flying kites, playing marbles, or whirling peg tops, he would buy the toys from them and exhort them not to gamble or indulge in vain sport.”
—For the State of Rhode Island, U.S. public relief program (1935-1943)
“Sometimes these cogitations still amaze
The troubled midnight and the noon’s repose.”
—T.S. (Thomas Stearns)
“[I]t forged ahead to become a full-fledged metropolis, with 143 faro games, 30 saloons, 4 banks, 27 produce stores, 3 express offices—and an arena for bull-and-bear fights, which, described by Horace Greeley in the New York Tribune, is said to have given Wall Street its best-known phrases.”
—For the State of California, U.S. public relief program (1935-1943)
“Modern dancers are inconvenienced by a local ordinance requiring the passage of visible light between partners.”
—State of Utah, U.S. public relief program (1935-1943)