HUD Announces M&M III Contracts, Separates Functions

The U.S. Department of Housing and Urban Development (HUD) has announced it is awarding contracts to 23 companies to serve as asset managers (AMs) and 32 other firms to serve as field service managers (FSMs) under the third generation of its Management and Marketing (M&M) program, known as M&M III. The new contracts are intended to reduce risk, increase sale prices and accelerate the pace of reselling HUD's inventory of foreclosed Federal Housing Administration (FHA) homes.