On August 7, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, released a statement on a Government Accountability Office (GAO) report entitled "Federal Housing Administration: Opportunities Exist to Improve Defaulted, Single-Family Loan Sales." The GAO report was requested in 2016 by Waters to ensure the Federal Housing Administration's (FHA's) Distressed Asset Stabilization Program (DASP) is serving its dual purpose of helping FHA borrowers struggling to pay their mortgages and minimizing losses to the FHA. DASP has been operating as a demonstration program to date, and GAO's report follows a recent advance notice of proposed rulemaking and request for public comment from HUD, signaling that the agency is looking to formalize the program.
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