Study of Auction or Bulk Refinance Program

Abstract: The Housing and Economy Recovery Act of 2008 (Act) requires that the Oversight Board of Directors of the HOPE for Homeowners Program (Oversight Board) conduct a study of the need for, and efficacy of, an auction or bulk refinancing mechanism to facilitate the refinancing of existing residential mortgages that are at risk for foreclosure into mortgages insured under the HOPE for Homeowners Program.1 The study must identify and examine various options for mechanisms under which lenders and servicers of such mortgages may make bids for forward commitments for such insurance in an expedited manner. The Act requires the Board to complete and submit a study of auction or bulk refinancing mechanisms by September 29, 2008.

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Bibliographic Information

Provider: Board of Governors of the Federal Reserve System (U.S.)

Part of Series: Reports and Studies

Publication Date: 2009