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 first general store opened on the ‘Cold Saturday’ of the winter of 1833 ... Mrs. Mary Miller, daughter of the store’s promoter, recorded in a letter: ‘Chickens and birds fell dead from their roosts, cows ran bellowing through the streets’; but she failed to state what effect the freeze had on the gala occasion of the store opening.”
—Administration in the State of Sout, U.S. public relief program (1935-1943)
“It is the disease of not listening, the malady of not marking,
that I am troubled withal.”
—William Shakespeare (1564–1616)
“Heaven has a Sea of Glass on which angels go sliding every afternoon. There are many golden streets, but the principal thoroughfares are Amen Street and Hallelujah Avenue, which intersect in front of the Throne. These streets play tunes when walked on, and all shoes have songs in them.”
—For the State of Florida, U.S. public relief program (1935-1943)
“Like other cities created overnight in the Outlet, Woodward acquired between noon and sunset of September 16, 1893, a population of five thousand; and that night a voluntary committee on law and order sent around the warning, “if you must shoot, shoot straight up!””
—State of Oklahoma, U.S. public relief program (1935-1943)