HUD Raises Discount for Faster REO Sale
PD&R News (Inside Mortgage Finance)
The U.S. Department of Housing and Urban Development (HUD) has modified its First Look Sales Program and raised the discount for Real Estate Owned (REO) properties from 10 percent to 15 percent. HUD is encouraging more investment in order to minimize their current housing inventory and revitalize abandoned and foreclosed properties. The program will be available through May 31, 2013 at which point the Neighborhood Stabilization Program (NSP) is due to end. More...