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Congress Reinstates VA's REO Sales Effort.(Department of Veterans Affairs)(Real Estate Owned )
Congress has reinstated the "vendee" loan program that the Department of Veterans Affairs used to finance the sale of its foreclosed properties.
And it could be a real bonus for Ocwen Financial Corp., which recently won the contract to manage and sell all of VA's real estate-owned.
"We will have our new contractor, Ocwen, implement [the vendee program] for us," said VA Loan Guaranty Service director Keith Pedigo.
The vendee loan program allowed the agency to use VA-guaranteed loans to finance its sales of REO to non-veterans.
Under pressure from the Office of Management and Budget, VA stopped offering vendee loans on Jan. 30. OMB claimed VA should not be providing financing to non-veterans and taking on additional credit risk.
But Congress sees it differently and it has reauthorized the vendee loan program as part of a bill (H.R. 2297), which President George Bush is expected to sign.
Language in the Veterans Benefits Act of 2003 requires the VA to finance the sale of 60%-85% of its REO using vendee loans.
- Budget Targets Vendee Loans and Flood Insurance.(Brief Article)(Statistical...
- Magazine article from: Mortgage Servicing News April 1, 2001 700+ words
...savings. The director of the VA loan guarantee service, Keith...and "it is cost effective." VA originated 19,000 vendee loans totaling $1.6 billion in fiscal...the program. In related news, VA is preparing to solicit bids for...
- VA Loans to Foreclosure Buyers Remain a Sore Spot.
- Magazine article from: National Mortgage News Collins, Brian November 25, 2002 700+ words
...discontinue offering vendee loans," OMB spokeswoman Amy Call said. "Both VA and OMB have agreed...Sept. 30), the VA made 8,856 vendee loans to veterans and non...Call said, because vendee loans extend the VA's liability for...
- VA Faces More Criticism Of 'Vendee' Loan Program.(Veterans Affairs criticized...
- Magazine article from: Mortgage Servicing News Collins, Brian December 1, 2002 700+ words
...discontinue offering vendee loans," OMB spokeswoman Amy Call said. "Both VA and OMB have agreed...Sept. 30), the VA made 8,856 vendee loans to veterans and non...Call said, because vendee loans extend the VA's liability for...
- VA May Privatize REO Management.(Brief Article)
- Magazine article from: Mortgage Servicing News Collins, Brian February 1, 2002 700+ words
...potential buyers no downpayment VA loans, which the agency refers to as "vendee" loans. Last February, the Bush...contract. Last year, VA securitized 12,790 vendee loans totaling $1.05 billion. Meanwhile, VA has not experienced a significant...
- VA DEBUT OFFERING OF NEW AGENCY SECURITY 'VINNIE MAC' WELL RECEIVED
- Press release article from: PR Newswire June 22, 1992 700+ words
...military personnel. VA has been directly securitizing "Vendee" loans from its portfolio...certificates collateralized by VA- originated "Vendee" loans under legislation enacted May 20, 1992. Vendee loans are made by VA to facilitate the sale...
- VA announces innovative offering. (Department of Veterans Affairs)
- Press release article from: PR Newswire August 20, 1990 700+ words
...for the transaction, Vendee Loans, are loans issued to finance the sale of VA-owned properties acquired...of VA loan defaults. VA originates approximately $50-$70 million of Vendee Loans each month. By executing these transactions, VA can transfer its servicing...
- VA reappoints First Boston as book-running manager for Vendee Loan sales....
- Press release article from: PR Newswire November 15, 1990 700+ words
...sole book-running manager. VA's selection of First Boston...lead manager on all seven of VA's American Housing Trust transactions...loan program for veterans, Vendee Loans are purchase money mortgages provided by VA in connection with the sale...
- VA Terminates Vendee Program.
- Magazine article from: Mortgage Servicing News March 1, 2003 700+ words
...the past two years. But the VA had resisted on the grounds...the last budget round, and VA secretary Anthony Principi agreed...financing of REO sales with VA-guaranteed loans. About $1 billion in vendee loans are securitized annually...