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VA Terminates Vendee Program.
The Department of Veterans Affairs halted is "vendee loan" program last month, which was used to finance sales of VA-foreclosed single-family homes.
"Effective for all listings on or after Jan. 31, 2003, the VA will no longer offer vendee financing," DVA announced. The Office of Management and Budget has been trying to shut down the vendee program for the past two years. But the VA had resisted on the grounds that vendee financing improves recoveries on sales of real estate-owned.
However, OMB targeted the vendee loan program again in the last budget round, and VA secretary Anthony Principi agreed to halt the financing of REO sales with VA-guaranteed loans. About $1 billion in vendee loans are securitized annually. "In the event that a listing issued prior to Jan. 31, 2003 is subject to a bid period which extends beyond Jan. 31, offers submitted with vendee financing will still be considered," DVA said.
...- VA Loans to Foreclosure Buyers Remain a Sore Spot.
- Magazine article from: National Mortgage News Collins, Brian November 25, 2002 700+ words
...midst of this standoff between the VA and OMB, the vendee program has supporters in Congress. The VA-HUD spending bill recently approved...Appropriations Committee directs the VA to continue the vendee program. "Until the administration can...
- VA Faces More Criticism Of 'Vendee' Loan Program.(Veterans Affairs criticized...
- Magazine article from: Mortgage Servicing News Collins, Brian December 1, 2002 700+ words
...midst of this standoff between the VA and OMB, the vendee program has supporters in Congress. The VA-HUD spending bill recently approved...Appropriations Committee directs the VA to continue the vendee program. "Until the administration can...
- Congress Reinstates VA's REO Sales Effort.(Department of Veterans Affairs)(Real...
- Magazine article from: Mortgage Servicing News February 1, 2004 700+ words
...manage and sell all of VA's real estate-owned...Ocwen, implement [the vendee program] for us," said VA Loan Guaranty Service director...the administration of the vendee program," Mr. Pedigo said. VA charges a 2.25% funding...
- VA Restarts REO Loans.
- Magazine article from: Mortgage Servicing News Collins, Brian March 1, 2004 700+ words
...is starting up its vendee program again so it can finance...foreclosed properties. VA abandoned its financing...re-authorized the vendee program and it will enable...financing. "The vendee program is up again," VA director Keith Pedigo...
- Budget Targets Vendee Loans and Flood Insurance.(Brief Article)(Statistical...
- Magazine article from: Mortgage Servicing News April 1, 2001 700+ words
...Insurance program. The vendee program is "unrelated to VA's mission because...is cost effective." VA originated 19,000...tried to eliminate the vendee program but twice Congress restored...In related news, VA is preparing to solicit...
- Vendee Loan Program on Hold.
- Magazine article from: National Mortgage News February 3, 2003 700+ words
...31, 2003, the VA will no longer offer...trying to shut down the vendee program for the past two years. But the VA had resisted on the...study to show the vendee program is not of financial...committee directs the VA to continue the vendee...
- Lower Funding Fees for Veterans' Loans on the Way.(Brief Article)
- Magazine article from: Origination News January 1, 2004 700+ words
...R. 2297 also reinstates the VA vendee loan program, which...allows the department to use VA-guaranteed loans to finance...language in the bill requires the VA to finance the sale of its real...time. "Congress views the vendee program as a cost-effective measure...
- American Loan Guarantee Association to insure $204 million American Housing...
- Press release article from: PR Newswire June 30, 1988 700+ words
...under the Veterans Administration (VA) vendee program. ALGA members participating in the...properties that have been acquired by the VA as the result of borrower defaults on properties originally financed with VA loans. In addition to ALGA insurance...
