HUD Awards 55 Contracts Under M&M Program, Divides Responsibilities

In an effort to improve the system of maintaining and selling its inventory of Federal Housing Administration (FHA) foreclosed homes, HUD has awarded 55 new contracts – 23 to companies who will serve as asset managers and 32 to companies who will serve as field service managers – under the third generation of its management and marketing program, known as M&M III. Under prior agreements, M&M contractors were responsible for both the maintenance and marketing of HUD’s REO properties, the department said. But those functions are separated under the new contracts announced Monday.

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