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)
“Just as poor families have dutiful children, so too there are loyal ministers in troubled times.”
—Chinese proverb.
“The chuck wagon carries the food and utensils for the range kitchen. Man-at-the-pot is the first buckaroo to pick up the coffee pot when out with the chuck wagons. It becomes his duty to pour the coffee for the outfit. “Come and get her before I throw her out” is the time honored mess call.”
—Administration in the State of Neva, U.S. public relief program (1935-1943)
“A candidate once called his opponent “a willful, obstinate, unsavory, obnoxious, pusillanimous, pestilential, pernicious, and perversable liar” without pausing for breath, and even his enemies removed their hats.”
—Federal Writers’ Project Of The Wor, U.S. public relief program (1935-1943)