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Loan Modification

: Mortgage Lender Implode-o-Meter

HUD announces new REO purchase program

By Implode-Explode Heavy Industries

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"U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan has announced an agreement with the nation?s top mortgage lenders to offer selected state and local governments, and non-profit organizations a ?first look? or right of first refusal to purchase foreclosed homes before making these properties available to private investors. The National First Look Program is a first-ever public-private partnership agreement between HUD and the National Community Stabilization Trust (Stabilization Trust). In collaboration with national servicers, Fannie Mae, and Freddie Mac, the First Look program is intended to give communities participating in HUD?s Neighborhood Stabilization Program (NSP) a brief exclusive opportunity to purchase bank-owned properties in certain neighborhoods so these homes can either be rehabilitated, rented, resold or demolished."

Full post as published by Mortgage Lender Implode-o-Meter on September 01, 2010 (boomark / email).

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