HUD Archives: News Releases

HUD No. 00-224
Further Information: For Release
In the Washington, DC area: 202/708-0685 Friday
Or contact your local HUD office August 18, 2000


WASHINGTON -- Housing and Urban Development Assistant Secretary for Housing / Federal Housing Commissioner William Apgar today announced that the Federal Housing Administration (FHA) plans to hold two mortgage loan sales this year. The Single Family Loan Sale will take place on September 20, 2000 while the Multifamily & Healthcare Loan Sale is scheduled for November.

The single family portfolio is comprised of performing and non-performing single family mortgage loans totaling approximately 8,175 loans with an approximate unpaid principal balance of $488 million.

Commissioner Apgar enthusiastically greeted the sales effort. He stated, "These sales pave the way for reductions in operating and administrative costs by reducing the burden of administrative personnel servicing these loans. This loan sales program helps the government lead the way in the 21st century towards providing homeownership opportunities for American families."

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. FHA now insures a total of about 6.7 million mortgages for homes located across the country. Through the years, it has unlocked the door to homeownership for 30 million American families, many of them minorities and low or moderate income people.

FHA's Asset Sales team, which was created to oversee and standardize a continuous asset sales program, is staffed by Karen L. Williams and Mary Joyce Smith. Both are on detail from the Federal Deposit Insurance Corporation's Franchise and Asset Marketing Department.

Williams previously supervised the sales of more than $1.5 billion in assets for both the FDIC and the Resolution Trust Corporation. She is now Senior Advisor and head of the FHA asset sales team.

"Building on the knowledge of past sales, we have enhanced the sales process and taken advantage of the efficiencies of the private sector," said Williams. "This sale is the culmination of months of cooperation between public and private sector teams."

Smith, an advisor to the asset sales office has been responsible for the coordination of the public and private sector teams involved in the sale.

FHA's asset sales team is maintaining a website for up to date information regarding the asset sales program.

Three private sector firms have been engaged to direct the Single Family sales effort. Federal Asset Advisory Company, LLC (FAAC) is the Program Financial Advisor tasked to oversee the sales program. FAAC is a joint venture between a woman-owned New York City real estate investment banking firm, Emax Securities, LLC and Glaves and Associates, Inc., a minority-owned private investment and real estate firm located in New Jersey.

Myerberg & Company, L.P., a woman-owned and managed investment banking firm located in New York City, is the Transaction Specialist responsible for the marketing and sale of the portfolio.

Gardiner, Kamya & Associates, P.C. (GKA), a management consulting and certified public accounting firm located in Washington, D.C., is the Due Diligence Contractor.


Content Archived: December 13, 2009