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Conversion From Coinsurance to Full Insurance

HUD · hud-other · Published 1995-09-19 · Effective 1995-10-19 · 60 FR 48596

Document

Document number
95-22826
Federal Register citation
60 FR 48596
CFR reference
24 CFR 251
Type
Rule
Action
Interim rule.
Category
hud-other
Agency
US Department of Housing and Urban Development
Publication date
1995-09-19
Effective date
1995-10-19
Docket
Docket No. FR-3813-I-01

Abstract

HUD is amending its multifamily coinsurance regulations to provide coinsuring lenders with two new options in dealing with defaulted coinsured mortgages. Specifically, this interim rule permits coinsuring lender-issuers to request that HUD endorse certain defaulted mortgages for full insurance, without a GNMA takeover of the lender- issuer's entire portfolio. Additionally, this interim rule allows coinsuring lenders to advance funds to cure mortgage delinquencies on a coinsured mortgage and to reduce principal on that mortgage to a level that restores the financial viability of the project.

Source

Authoritative
Federal Register document
Machine
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