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US housing agency's sales of bad loans of little help to hard-hit homeowners

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The Housing and Urban Development Department is struggling to balance goals of curbing losses in a troubled-mortgage insurance fund and assisting homeowners.

Washington

THE US Housing and Urban Development Department has sold US$3.7 billion of soured loans since late 2012 to aid homeowners in communities hurt by foreclosures. So far, the government agency has mostly helped itself.

Borrowers resumed payments on fewer than 13 per cent of...

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