BofA Looks To Move REO Through NSP

and state government departments receiving funds through the U.S. Department of Housing and Urban Development's (HUD) Neighborhood Stabilization Program (NSP) will be able to review properties owned by Bank of America before they are listed on Multiple Listing Services or other public sites. NSP grant recipients will also have private access to a new Web site providing real-time listings of all REO properties owned by the bank. Lists of all REOs within a specific ZIP code are available. Municipalities receiving NSP grants will have the option to perform bulk purchases, buying multiple properties in a single transaction. Although home retention remains a top priority for the bank, "where unemployment or other situations have made sustaining mortgage payments impossible, and foreclosure inevitable, we are working with communities to help ensure these properties do not negatively impact surrounding home values," says Steve R. Bailey, national servicing executive. "Our new guidelines help municipalities leverage federal grants to purchase foreclosed properties with greater ease and speed, so they and their nonprofit partners can determine the best use of the properties to meet local needs," he adds. SOURCE: Bank of


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