(RECAP: The chairman of the House Financial Services Committee has denounced major policy changes that HUD is making to the sale of government-insured nonperforming loans. Last month, HUD announced more than 10 changes to the program, including a requirement that buyers of FHA-insured nonperforming loans evaluate borrowers for principal reductions. But Rep. Hensarling (R-Texas) said the policy changes would help special interests at the expense of taxpayers. A press release from the House Financial Services Committee posits that HUD Secretary Julian Castro pushed the changes “to appease liberal critics and bolster his chances of being selected as Hillary Clinton’s running mate. Hardworking taxpayers deserve to know why Secretary Castro suddenly decided to expose them to greater losses and worsen the nation’s already unsustainable national debt,” Hensarling said Thursday.)
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