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On Oct. 16, 2014, President Steve Brown sent a letter to FHA Commissioner Carol Galante in response to member concerns about the Single Family Note Sales Program (SFLS). Many REALTORS® are concerned that the program is auctioning large pools of mortgages to the highest bidder, in some cases without considering the investor’s ability to achieve homeownership preservation and affordable housing goals. NAR provided recommendations to improve FHA’s pre-foreclosure sales process as well as place additional controls on the SFLS program to prioritize keeping owner-occupants in these homes.
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