FNAMS Adds to REO Resources with Website Purchase.(Fidelity National Asset Management Solutions acquires contracts and agreements from Real Estate Services Network)

Fidelity National Asset Management Solutions, a provider of REO services, has concluded a transaction with Real Estate Services Network of Los Angeles for the acquisition of contracts and agreements to manage and dispose of 1,188 single-family properties for mortgage lenders and servicers.

With its current inventory of residential REO properties, FNAMS now manages about 4,800 residential assets located in the United States, Puerto Rico and the U.S. Virgin Islands.

As part of the transaction, FNAMS also acquired a website (www.buybankhomes.com) that it will operate and promote as "The Source for Foreclosed Homes."

"This transaction significantly expands our business model of being close and involved with the top REO brokers across the country while providing superior service to our lender-clients. The acquisition and enhancement of the Internet portal www.buybankhomes.com furthers our strategy to tap into the power of the Web to assist our clients in accessing the broadest possible markets for acquired/foreclosed homes to affect the best possible execution," said Tom Di Mercurio, FNAMS president and chief operating officer. He said the transaction represents a broadening of FNAMS operations to make it easier for shoppers looking for REO properties.

Mr. Di Mercurio said FNAMS plans to make the website more robust by adding additional features that might appeal to buyers and sellers of foreclosed homes.

"We are going to operate it as a separate Internet portal, and we ...