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On July 8, 2016, NAR sent a letter to U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro regarding the Federal Housing Administration's (FHA) June 30, 2016 enhancements to the Distressed Asset Stabilization Program (DASP). NAR thanked FHA for listening to NAR’s previous concerns and suggestions by increasing transparency in the program and involving community partners in the acquisition of loan pools through expansion of its auction program to nonprofits.
However, NAR is still concerned over investor plans for DASP properties. NAR is asking FHA to review investor plans for conflicts of interest and to ensure that owner-occupant buyers are prioritized in post-foreclosure sales of distressed properties.
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