[Code of Federal Regulations]
[Title 24, Volume 2]
[Revised as of April 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR291.302]

[Page 498-499]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
 CHAPTER II--OFFICE OF ASSISTANT SECRETARY FOR HOUSING--FEDERAL HOUSING 
        COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 291--DISPOSITION OF HUD-ACQUIRED SINGLE FAMILY PROPERTY--Table of Contents
 
        Subpart D--Sale of HUD-Held Single Family Mortgage Loans
 
Sec. 291.302  Purpose and general policy.

    This subpart sets forth HUD's policy and procedures for the sale of 
HUD-held single family mortgage loans. In general, HUD will sell both 
performing and nonperforming HUD-held single family mortgage loans. HUD 
will sell all mortgage loans without recourse and without FHA insurance. 
HUD will package pools of single family mortgage loans for sale to the 
general public on a competitive basis; however, HUD may sell mortgage 
loans to government-sponsored enterprises (GSEs)

[[Page 499]]

on a negotiated basis. Nothing in this subpart shall be construed to 
prevent HUD from packaging single family mortgage loans with other types 
of HUD assets for sale. The Secretary retains full discretion to offer 
any qualifying pool of mortgage loans for sale and to withhold or 
withdraw any offered pool of mortgage loans from sale. However, when HUD 
offers a qualifying mortgage loan for sale, the procedures set out in 
this subpart and in the bid package will govern the sale of HUD-held 
single family mortgage loans.