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Loss mitigation has been a tool used by lenders for decades, but experienced tremendous growth since late 2006. [4] This rapid expansion was in response to the dramatic increase in foreclosures nationwide. [5] Prior to late 2006, early 2007; Loss Mitigation was a tiny department within most lending institutions.
Loss mitigation is a way for mortgage lenders to help borrowers who are struggling to make their monthly payments avoid losing their homes. You can keep your home with many loss mitigation options ...
It also regulates transactions on the island by companies engaged in the sale of real estate located outside of Puerto Rico. The Rule of Ethics (Reglamento de Ética) is a regulation to implement Law No. 10 of April 26, 1994, the law to regulate the real estate business and profession of broker, salesperson, and real estate companies in Puerto ...
The Puerto Rico Department of Housing (Spanish: Departamento de Vivienda de Puerto Rico) is the department responsible for homeownership, affordable housing, and community assistance programs in Puerto Rico. It was created in 1972. [1]
The secretary of housing of Puerto Rico (Spanish: Secretario de la Vivienda de Puerto Rico) is responsible for homeownership, affordable housing, and community assistance programs in Puerto Rico. [ 1 ]
In October 2017, a month after Hurricane Maria devastated Puerto Rico's infrastructure, $41.2 million in federal funds was earmarked for The Puerto Rico Office for Socioeconomic and Community Development (ODSEC) with a mandate that the funds be distributed, for infrastructure work, to municipalities with over 50,000 inhabitants. [2]
Its mission is to coordinate all the resources of the government of Puerto Rico in order to administer all the phases of emergency management (mitigation, preparation, recovery, and response) in the case of a natural or technological disaster while preventing and minimizing all damage to life and property.
The economy of Puerto Rico is classified as a high-income economy by the World Bank and as the most competitive economy in Latin America by the World Economic Forum. [14] [15] The main drivers of Puerto Rico's economy are manufacturing, which primarily includes pharmaceuticals, textiles, petrochemicals, and electronics; followed by the service industry, notably finance, insurance, real estate ...