The Department of Housing and Urban Development began spring cleaning last week with the sale of 16,231 single-family mortgages to the private market.

The sale serves as another measure in President Clinton's 1994 initiative to streamline HUD's operations. It also will generate up to $140 million in budgetary savings, the department said.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.