The U.S. Department of Housing and Urban Development (HUD) is cleaning up its books and auctioning off roughly $444 million in reverse mortgages on Wednesday to reduce the risk to its Mutual Mortgage Insurance (MMI) Fund.

The sale includes about 1,600 Home Equity Conversion Mortgages (HECMs) tied to vacant single-family homes where the borrowers are deceased and no surviving spouse remains, according to an Aug. 1 notice in the Federal Register.

The auction is the first of two planned offerings. HUD expects to hold a second sale in September with roughly 2,000 more loans totaling $548 million.

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