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:
“By 1879, seven churches of various denominations were holding services, which led the local Chronicle to comment, “All have but one religion and one God in common; it is the Crucified Carbonate.””
—Administration in the State of Colo, U.S. public relief program (1935-1943)
“Just as poor families have dutiful children, so too there are loyal ministers in troubled times.”
—Chinese proverb.
“Farmers in overalls and wide-brimmed straw hats lounge about the store on hot summer days, when the most common sound is the thump-thump-thump of a hound’s leg on the floor as he scratches contentedly. Oldtime hunters say that fleas are a hound’s salvation: his constant twisting and clawing in pursuit of the tormentors keeps his joints supple.”
—Administration in the State of Arka, U.S. public relief program (1935-1943)
““Well, well,” he said to himself, “you are not in Belgium; let us begin our apprenticeship in earnest, and so long as we are in the woods, howl heartily with the wolves.””
—For the State of Nebraska, U.S. public relief program (1935-1943)