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Has anyone else seen this AP article that is floating around today?

http://www.moneynews.com/FinanceNews/US-Foreclosed-Homes/2010/09/01... (and many other places)

WASHINGTON (AP) - Major banks are agreeing to give local governments and nonprofit groups the ability to buy foreclosed homes before they are sold to private investors.

The Obama administration says local officials could benefit from acquiring these properties and using the land for redevelopment projects. Congress has provided $7 billion in money to buy the homes.

These groups have been outbid by speculators who are snapping up foreclosures.

The administration says the largest mortgage lenders in the country, including Bank of America Corp. and Wells Fargo & Co. have agreed to let the groups purchase the properties ahead of private speculators.

I am looking for more information on the program, who will be eligible (land banks?), and the timeline. Please share any info you have!



Tags: REO, banks, foreclosed, groups, land, local

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Replies to This Discussion

This is coming off of HUD's announcement today of a partnership with the National Community Stabilization Trust to support and expand their First Look program. The press release is attached.
Matt, you're a lifesaver! Thank you so much!


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