HUD Bid Date for Mortgage Offering is Dec. 13

WASHINGTON, DC-The US Department of Housing and Urban Development is marketing a portfolio of 172 loans through Secured Capital Corp and will take bids on the assets on Dec. 13. This $760 billion mortgages package is an asset sale involving FHA multifamily and healthcare loans.

“We delayed the sale in response to increasing investor interest and their need for more time for due diligence review,” says HUD spokesman Lemar C. Wooley. “We believe that will result in a better return to the taxpayer. Also, this will not change our closing schedule–we did not intend to close the transactions this calendar year, and we are still on target to close them mid-January, as planned.”

FHA, which is part of HUD, has a wide variety of insurance programs for single family, multifamily and health care facility mortgages. Last year, it insured a record 1.3 million mortgages worth $125 billion.