Countrywide Selling REO Property To Minority and First Time Buyers
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Countrywide Financial has joined into a partnership with New Vista Asset Management to sell their foreclosed upon properties. What is different that most property sales by bank owned real estate is that Countrywide is not just dumping the properties. Instead they are trying to sell them to minorities and first time buyers as part of an outreach plan.
Now I am not expecting them to lose money on the deal, but it is a noble effort especially as it will be combined with educating these buyers so they may be more successful than the homes previous owners.
In light of Bank of America’s purchase of Countrywide it is especially intriguing to watch. I would instead be expecting Countrywide to dump the properties on the market to get them off the books before the sale is completed. Instead they are attemting to do the right thing. Congratulations to the staff at Countrywide.
The two companies will work to ensure that homes are made available to qualified first-time and minority homebuyers. The companies will be hosting several community seminars for first-time buyers to teach them about buying real-estate owned homes and different financing options.
The seminars initially will be held in Los Angeles and Dallas. However, the companies are also working in the San Diego, Sacramento, Las Vegas, Fort Worth, Houston, San Antonio and Atlanta markets.
“By marketing and selling REO units directly to first-time and minority home buyers, New Vista and Countrywide are advancing our mutual commitment to increase affordable housing opportunities and act as responsible contributors to the local housing market,” New Vista’s Chairman Gary Acosta says. via San Antonio Business Journal
If you are interested in making money off of the foreclosures that are occuring and that programs like these are probably only going to make worse, get a free trial and see all of the foreclosures in your area.
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Comment by Ideal4Investors on 26 April 2008:
In many markets, first time homebuyers still can’t afford to buy (San Diego, Los Angeles). The median price is still out of reach. That is why the “creative” financing drove first time and minority buyers into subprime loans. I wonder how they plan to fix that issue. But hats off to them for the outreach. I wish more lenders would follow their lead.
Comment by Billy on 26 April 2008:
Really,
Countrywide is working to help minorities now that they picked their pockets once and it backfired. Lets be real and let the market decide the price. Each time a lender wants to “help” you, hold on to your wallet. My first time buyers love the REO’s and don’t need advice from lenders. Shop for the best rate and terms….and know what loan you’re getting.
Comment by TheMightyQuinn on 27 April 2008:
If they’re specifically targeting minorities I guess they can’t claim to be “An equal opportunity lender” anymore. I didn’t realize it was legal for lenders to discriminate by skin color.
Comment by Mark on 28 April 2008:
People should not worry about buying a house…It has much further to fall…Why try to cath a falling knife?
Comment by Mark on 28 April 2008:
Sorry catch
Comment by Concerned in California on 1 May 2008:
And why haven’t these wonderful Lenders attempted to help the original borrowers by providing options to keep them in their homes by negotiating instead of turning their backs on those that have supported the lender interests???…These are the folks that have lost everything. Instead the lenders are assisting others to profit from the original borrowers misfortune….. Can any of you guarantee that you’ll never break an arm, get laid off from your jobs……. Hello RECESSION…..BUYERS BEWARE……. THE BOTTOM HAS NOT DROPPED COMPLETELY AND THE LENDERS WILL PULL THE SAME STUNTS ON YOU……
Shame on you Countrywide…….Who will end up paying for all of these Big mistakes????…. All of us….. The Taxpayers…….
Comment by Judisue on 16 May 2008:
COUNTRYWIDE IS BEING SUED FOR FRAUDULENT LENDING PRACTICES BY THE FEDERAL GOVERNMENT!!! Watch out or you might get caught up in their web of deceit!! Google it, and you will find all the info you need to convince you NOT to do business with them!!! run as fast as you can!!!