Relevant:
- Obama Administration announces an additional $1 billion to foreclosure-stricken neighborhoods
- Obama Administration Awards Additional $1 Billion to Stabilize Neighborhoods Hard-Hit by Foreclosure
- Colorado Awarded $17.3 Million to Stabilize Neighborhoods Hard-Hit by Foreclosure
- Indiana housing agency monitors federal loan program to buy foreclosed homes
- Communities Get First Shot at Foreclosed Homes
2010-09-01 — nationalmortgageprofessional.com
"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."
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Comments:
Jess Badlybent at 10:27 2010-09-02 said:
Woo-hoo! TARP was a blatant raping of taxpayers. HAMP was a little more subtle but the lid finally blew off that scam as well. Treasury admitted the intent was to prop up banks and fatally string out already strung-out homeowners at the taxpayers expense. Who determines the purchase price / discount value of these "deals"? How much ya wanna bet these properties will be purchased at above-market-values without consideration of their true value to the community? Under the guise of "Neighborhood Stabilization' this appears to be just another program to insure that losses continue to tranfer from banks to taxpayers. Permalinkadd a comment | go to forum thread
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